First home buyers – be ready for 1 July madness say’s housing industry
FHBA Market Update: 19 June 2017
This week’s FHBA Market Update show’s property markets are performing in a similar fashion to what they have been in more recent times – a little bit softer. Real estate experts in NSW and Victoria property markets are stating that they believe many first home buyers are waiting for July when new first home buyer stamp duty concessions kick in and the regional Victoria First Home Owners Grant (FHOG) boost commences.
We should also point out that last week the Queensland government has decided to keep the QLD FHOG at $20,000 until the end of the year (previously it was due to fall to $15,000 on the 1st of July).
It’s unclear how many aspiring first home buyers are planning to buy in the coming month’s, but typically Australia has around 8,000 first home buyers per month and with first home buyer help increasing in some states, one could take a guess that this figure may rise. We are encouraging you to get ahead of other first timers (of course you should consider your own personal circumstances before making any decisions).
Q: Do you want to be one of the first home buyers taking advantage of the new incentives, or, one of the later?
While it’s not 1 July 2017 yet it’s not to early to get started with your planning so that you are ready to be on the hunt for your first home in July. If you want to check your eligibility for first home buyer incentives and your borrowing capacity (including finance options), get in touch with an FHBA Coach for a complimentary Discovery session today.
First Home Buyer News
- Queensland government announces extension of the $20k First Home Owners Grant – Last week the Queensland government made a shock decision to keep the First Home Owners Grant at $20,000 for a further 6 months – get the details in FHBA News
- No more help on the way for NSW first home buyers? On Tuesday the NSW government will officially announce their stamp duty relief package for NSW first home buyers, but documents obtained by ABC News show the government is unlikely to deliver any other changes to stamp duty any time soon – read the leak in ABC News
- Will new measures to help first home buyers push property prices higher? – Some experts are tipping stamp duty concessions for first home buyers will push property prices higher, while other experts think this will have little impact – see the debate in the Australian Financial Review
Capital City Property Price Movements – as at 19/June/2017
Updated daily, The CoreLogic Daily Home Value Index show’s how property prices have been changing in our largest capital cities over the last 12 months:
- Adelaide: 484.59 (Qtr + 0.7% / Yr + 3.0%)
- Brisbane: 557.06 (Qtr + 06% / Yr + 3.8%)
- Melbourne: 898.44 (Qtr – 0.2% / Yr + 12.1%)
- Perth: 574.97 (Qtr – 0.4% / Yr – 1.3%)
- Sydney: 1103.92 (Qtr – 0.5% / Yr + 11.6%)
Preliminary Weekend Auction Clearance Rates (17 – 18 June 2017)
Interest Rates Update: 12/June/2017
As we mentioned earlier in this FHBA Market Update, if you are planning on buying your first home after 1 July you should consider commencing your planning now. Not only is it good to know how much you can borrow prior to attending open homes and inspections but there are also some great first home buyer loans around at the moment!
- Compare a range of high interest savings accounts
- Compare a range of home loan rates
- Speak to a home loan expert
- See some hot loan specials for first home buyers in June
New Homes of the Week (edition 59)
These are our top picks for First Home Owner Grant (FHOG) eligible properties this week! All offer affordable options for aspiring first home buyers.
Tweet of the Week
Could ‘naked’ homes help solve the Australian #housingaffordability crisis? @Domaincomau https://t.co/6a7qO34CEu #FHBA #auspol #ausproperty
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First Home Buyers Australia