REIA- Welcomes First Home Owners Grant Announcement

The REIA provided its support to the Government’s initiative to double the First Home Owners Grant on existing property, and triple it for new housing.

‘This initiative will provide encouragement for first home buyers, and is something that the REIA has been advocating for some time’ said REIA President Noel Dyett.

‘This decision, combined with last week’s reduction in interest rates, should provide a much needed impetus to first home buyers who have been waiting to enter the housing market’ continued Mr Dyett.

‘The decision should also see a positive response by the home construction industry in increasing the production of new dwellings’said Mr Dyett.

‘Whilst the decision is welcomed we should not lose sight of the need to address the many factors that affect housing affordability’

‘We hope that the initiative will be the catalyst for all governments to seriously consider a number of longer term measures such as reductions in stamp duties and land taxes.’

In concluding Mr Dyett said ‘The REIA would urge the Government to ensure that a careful review is made of the impact of this initiative before reducing the payments to the previous level in June next year as has been proposed.’

-Real Estate Institute Australia