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An Uncertain Uprise – Why are First Home Buyers Returning to the Sydney Market?

house and land packages and a number of affordable homes for those on a moderate income; first home buyers are flocking back to the Sydney market, to make their homeowner dreams a reality. 

The First Home Owner Grant in NSW

Provided by the  NSW Government, the first home owner grant recognizes the difficulties that are faced by first home buyers attempting to enter the market for the first time. In 2017, the number of first home buyers entering the market in NSW was up 59 per cent, thanks in part to the first home owner grant. The  grant applies only to those buying new homes, and provides eligible purchasers with $10,000 to be used to purchase or build a new home.

First Home Buyers Assistance Scheme

The First Home Buyers Assistance Scheme offers first home owners exemptions or concessions on property transfer duties. This includes an exemption from stamp duty for homes valued up to $650,000 and concessions on duty for homes valued between $650,000 and $800,000.

Improved Infrastructure

The Government has boosted the infrastructure funding to support new homeowners and local communities. This means more roads, public spaces, schools and other community facilities. This makes purchasing a home in Sydney an attractive option for young couples looking to start a family. As a general rule of thumb, the further south-west of Sydney you go, the cheaper the prices become. However, with Government incentives and increased infrastructure, you’re no longer missing out by being away from the CBD. By building in the south-west and north-west growth hotspots, first home buyers  are able to purchase house and land packages within the grant threshold.

Starter Homes

Sydney is the new hotspot for starter home purchases. With many smaller properties with big potential available throughout Sydney, young buyers are increasingly choosing to invest in an exciting renovation project. With Sydney renowned for open spaces and large backyards, your bound to find your dream home with enough room for an added extension.

Loans

The first home deposit is undoubtedly the biggest stumbling block encountered by young buyers hoping to enter the Sydney property market. However, with stamp duty concessions and homeowner grants, many young people are able to put more of their hard earned money into that first deposit payment. It’s also important to note, that with a host of low interest bank loans and mortgage brokers available, young buyers have more opportunities to finance their homes than ever before. In fact, if you know where to look and what to look for, there are far more off-market opportunities and negotiating power at auctions than ever before.

Diversity

With over 200 suburbs in Sydney, this multicultural city presents many different living options to choose from. With suburbs by the harbour, the sea, inner city, suburbs and in rural areas; there is truly a perfect fit for every first home buyer. Houses have tended to outperform units in the Sydney market, though they do have a higher entry price, which makes apartments a more affordable first investment ~ As house prices begin to ease thanks to incentives for first homeowners, younger buyers are finally gaining confidence to crack the Sydney market. What awaits is ownership in Australia’s most famous city, and a unique lifestyle that you can make your own. Bio: Laura Costello is in her final year of a Bachelor of Law/International Relations at Latrobe University. She is passionate about the law, the power of social media, and the ability to translate her knowledge of both common and complex topics to readers across a variety of mediums, in a way that is easy to understand.]]>

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