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The real estate lobby has joined brokers in calling for the NSW government to extend its first home owner grant to established homes.
NSW announced that it would raise the grant threshold from $650,000 to $750,000 in tomorrow’s Budget.
However, the $15,000 grant is only available for the purchase of new properties – a limitation that was recently criticised by some brokers.
Real Estate Institute of NSW president Malcolm Gunning said the key to a thriving property market is to help those who need it most.
“Restricting first homebuyers to new properties limits their options and choices, making it even more unaffordable for many to acquire a home,” he said.
“The government’s approach to first home buyers shows it is out of touch with the realities of the NSW property market.”
Mr Gunning also called on the government to provide incentives for older Australians to downsize.
“Making this attractive will also bring additional stock to market, which in turn will support first homebuyers,” he said.
[Related: Brokers concerned as NSW tipped to raise property taxes]
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