First home buyers go bush
The increased first home buyer grant from the federal government is driving increased home building and buying in regional Australia, where house prices are generally lower than in the cities. There has been a noticeable uptake of the grants in NSW regional centres such as Wagga Wagga, Armidale, Bathurst, Tamworth and says the Real Estate Institute of Australia. Activity from first home buyers has also increased in recent weeks in Victorian centres including Bendigo, Ballarat, Shepparton and Wodonga. NSW first home buyers are eligible for federal and state assistance totalling $24,000 plus stamp duty concessions. Victorians can get up to $26,000. Queensland regional centres and areas outside Perth in WA are also expected to show increased activity from first home buyers as a result of the increased assistance.
Source: The Australian Financial Review