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Strong demand to continue from first home buyers

14 September 2009 Reporter

Agents can still expect to see strong sales to first home buyers over the coming months despite the wind-back of the beefed-up FHOG.

More than 200,000 Australians are expected to take their first step on to the property ladder this year thanks to low interest rates and government handouts.

Figures from the Australian Bureau of Statistics showed first home buyer sales peaked in May at 19,000.

Robert Mellor, managing director of BIS Shrapnel, said he expected between 15,000 and 17,000 first home sales to occur each month for the next five months.

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If this is the case, the number of sales for the 2009-2010 financial year would rise above 200,000 – almost double the number of the past two financial years when approximately 130,000 people purchased a home for the first time.

Despite the full first home buyers grant ending in a few weeks, Mr Mellor said he was confident that house and unit prices as well as house sales at the lower end of the market would remain stable.

He said NSW and Victoria would lead the pack for first home buyer sales.

“Queensland is more vulnerable because the land is more expensive and infrastructure charges are higher.”

 

Strong demand to continue from first home buyers
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