First home buyers getting older

The number of first home buyers is rising in NSW. The ages of first home buyers, who receive the $7,000 first home buyers grant, is getting older. About half a million people have received the grant, with about ten per cent aged 41-50, about 4 per cent aged over 50 and almost 200 aged over 80. Older migrants who have never owned property in Australia influenced the figures, but many people are believed to have simply put off house buying until later. Exemptions granted on transfer and mortgage duty on properties valued up to $500,000 under the First Home Plus Scheme total about 200,000. Most of these homes are located in the Blacktown region.

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