Sydney sees first homebuyer spike
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6/10/2011 1:00:00 AM
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A Sydney real estate group has claimed a 20% spike in first homebuyer enquiries ahead of changes to stamp duty concessions in NSW.
Loan Market COO Dean Rushton predicted last month that the NSW Government's move to limit stamp duty concessions to first homebuyers purchasing a newly-constructed home would lead to a rush of buyers trying to jump into the market before the changes came into effect on 1 January. Now, Raine & Horne Rockdale principal George Kambouroglou has claimed these predictions have come to pass.
Kambouroglou stated that the real estate company has seen first homebuyer enquiries increase by 20% since the announcement of the changes. He said the rush of FHBs has seen the company's Rockdale office sell six apartments to first time buyers.
"Anecdotally it appears many first timers are now rushing to buy a home before they lose access to thousands of dollars in government assistance at the end of 2011," Kambouroglou said.
Rushton forecast last month that first homebuyer activity would continue to rise in NSW as the end of the year approached. He claimed Loan Market had seen a 30% rise in FHB enquiries in NSW alone.
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