It is time for the New South Wales Government to rethink its approach and reinstate first home owner grants for existing properties and provide incentives for older Australians seeking to downsize, according to the Real Estate Institute of New South Wales.
REINSW President Malcolm Gunning said the key to a thriving property market is to help those who need it most.
“It is important to support those who are investing in their first home, as well as retirees who are looking to downsize,” Mr Gunning said.
“The Government’s approach to first homebuyers shows it is out of touch with the realities of the New South Wales property market.
“Restricting first homebuyers to new properties limits their options and choices, making it even more unaffordable for many to acquire a home.
“The Government also needs to assist older Australians who want to downsize to a property that better responds to their current circumstances. Making this attractive will also bring additional stock to market, which in turn will support first homebuyers.
“Introducing these incentives for first homebuyers and those seeking to downsize will help the market as a whole and will assist the housing affordability issue that is faced by those looking to build a future in our great state.
“We urge the Government to support the property market and ensure it makes the right decisions in the upcoming state budget next week (17 June 2014),” Mr Gunning said.
For further information or to arrange an interview with REINSW President Malcolm Gunning, please contact:Helen Hull – 0419 642 961 or [email protected]