The largest property group in Australasia, Ray White, applauded Treasurer Josh Frydenberg’s 2020 Budget to help rebuild the economy and give home buyers further confidence.
Ray White Group Managing Director Dan White said the measures aimed at helping first home buyers get their foot on the property ladder were a positive for the industry.
“The measures announced will help build further momentum in the property market and Australia's largest asset class, thereby creating confidence across the whole community. We expect property activity for the balance of the year to be stronger than it was pre-covid,” Mr White said.
The Government pledged to release an additional 10,000 places under the First Home Deposit Scheme, earmarked for new dwellings, with amended rules and increased price caps to ensure the scheme boosts apartment sales as well as detached housing.
“Unlike the established market, apartment sales have been difficult this year, so this is a very welcome boost for this sector. It will give first home owners a much better opportunity to get into new property which often focuses on inner city areas at affordable prices, appealing to a younger demographic. Importantly, it will rebuild developer confidence to commence construction of apartment projects.”
The First Home Loan Deposit Scheme builds on the 20,000 first home buyers who were helped to purchase a home this year with a deposit as low as five per cent under this scheme.
