29 May 2012



Victorian first home buyers drive up sales

Positive OUTLOOK FOR A CHANGE depending which paper you read.

A surge of house buyers trying to beat the axing of the first home owner bonus in Victoria has lifted new home sales from their record lows.

New home sales jumped nationally by 6.9 per cent in April, seasonally-adjusted, after sinking to their worst levels in a decade, a Housing Industry Association survey of the country’s largest 100 builders shows.

The biggest boost to April sales came out of Victoria, where they surged 17.2 per cent after the Baillieu government’s recent budget axed handouts to first home buyers. These gave them up to $19,500 in rebates if they purchased a new dwelling under $600,000.

The cuts have sparked a rush of new home buyers in Melbourne’s suburban housing estates and apartment market seeking to claim the rebate before the cut-off date.

Multi-unit sales were up across the country by 10.3 per cent in the month.

Let's hope this continues.