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Budget announcement on First Home Buyers short sighted
While the extension of the grant beyond the current June 30 deadline is welcomed, the outlook for recovery into 2010 remains patchy, supporting the need for an additional full year of increased incentives.
“The Treasurer’s announcement is half a solution,” said REINSW President Steve Martin.
“It is disappointing that we have not seen a commitment to continue the enhanced initiatives for a full financial year given that government and economists are predicting even more difficult economic times in 2010.
“The sooner the property sector recovers, the sooner the rest of Australia will start to enjoy better economic times.
“But the fact is we are only starting to see the beginnings of recovery in the property sector and the best is yet to happen. It is short sighted of the Government to think this will happen before Christmas.
“We need to continue to encourage first home buyers into the market as a means of rebuilding the NSW economy.
“First home buyers are a catalyst for recovery in the property sector.
“The fact is that more buyer activity will deliver widespread benefits throughout the entire economy including increased revenues for state governments for essentials such as health, education and other core services.
“We need to keep the momentum growing by creating additional demand which will deliver new properties, new investment and new jobs,” said Mr Martin
Please direct media inquiries to Julian Brophy on 0408 276 749.
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