House & Land
First Home Buyers are Making a Comeback
A recent report by property giant, Domain, shows that first home buyers are coming back to the market in droves. After the last few years of negative press around the housing market and the unaffordability of new homes, it’s definitely exciting to see the light at the end of the tunnel.
So, what’s causing this shift in the market? We’ll break it down for you.
Escape the City
As things have gotten so unaffordable in metro areas, many young buyers are spreading their wings further and investing away from their favourite cafes.
This is not only boosting new economies, as more people flood to new areas, but it also means that there’s a little less competition in our cities; so it’s a win/win. Check out our current house and land package opportunities in some of Greater Sydney and The Hunters most sought-after growth locations here.
Scrapping of Stamp Duty
Stamp duty has always been one of the worst parts of buying a house, but the New South Wales Government recently scrapped it for first home buyers. This move alone can save new home buyers tens of thousands of dollars, and put them much closer to affording their first home.
No one is really sure what caused it, but investors seem to have taken a break from the Australian housing market. Although this hasn’t meant a huge deal for asking prices, it has made a massive difference at auctions around the country. All-in-all, it’s hard to put a finger on one thing overall that’s brought first home buyers back into the market in such high numbers.
However, one thing is for sure: even if there is more competition out there, it doesn’t mean that you can’t get into your dream home soon. At Thrive Homes, we’re devoted to first home buyers so talk to one of our team to find out how to own your own Thrive Home sooner.