Real estate agents are bracing for a bumper weekend, with first home buyers expected to take advantage of the last week of the increased government grant.
From Thursday, the government’s first home owner’s grant will be reduced to $3,500 for established homes and $7,000 for new homes.
According to Australian Property Monitors, there are currently 4,054 metropolitan properties under $400,000 on the market.
This time last year, there were only 3,921 properties on the market that were listed for under $400,000.
Century 21 Central agent Rosalyn Marker told the Daily Telegraph that there was a sense of urgency for first home buyers, which was evident at a Melrose Park sale this week.
"To have an open with 88 people over the last Saturday and Sunday was a very rewarding result for us," she said.
"We had 11 offers on that property, most of them were young couples ... and I would be expecting them (those who missed out) to be looking again this weekend."