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First home buyers' activity a good sign
“The November figures confirm our own evidence that the Federal Government’s initiatives have helped kick start this important part of the market,” said REINSW President Steve Martin.
“The increases to first home buyers' grants as well as record low interest rates have helped many overcome economic concerns and enter the market in numbers which will only grow in future months.
“My advice to anyone who is eligible to take up these grants and feels comfortable about meeting the obligation of a home loan, is to do it and do it now.
“What we are not seeing however is the return to the market of the investors who are critical to long-term economic recovery.
“Despite the lowest interest rates in decades, investors are not reacting with the same vigour as first home buyers and this is a surprise given the excellent buying conditions.
“Greater encouragement must be given to investors so that the economic benefits of new construction and related activity can begin flowing again,” said Mr Martin.
Please direct media enquiries to Julian Brophy on 0408 276 749.
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