New first home buyer hotspot revealed

At 11:55 am 0 Comment Print

Western Sydney is proving to be the number one choice for first home buyers in NSW, with suburbs in the region’s growth centres receiving the majority of grants and concessions according to the latest data.

In the 12 months between July 1 2013 and June 30 2014, 16 of the top 20 suburbs benefitting from the First Home Owner Grant are suburbs within Sydney’s rapidly growing west.

Spring Farm in the South West growth centre has topped the list, with home buyers in total receiving more than $7 million in grants and concessions in the last 12 months, closely followed by West Hoxton, Werrington, St Marys, Liverpool and Parramatta.

For the first time, the suburbs of Plumpton and Hornsby have also made the top 20, with Wollongong rounding out the list.

“The NSW Liberals & Nationals Government is committed to assisting first home buyers get on the property ladder, and at the same time encouraging new home building,” Treasurer Andrew Constance said.

“We’ve got new home starts at 10-year highs, and a growing number of first time buyers taking advantage of those new builds in our vibrant west.”

Across NSW, total benefits received by First Home Owners Grant recipients is more than $224 million last financial year, including stamp duty concessions.

The latest figures come on top of new measures announced in the 2014-15 NSW Budget, with $83 million allocated to the Housing Acceleration Fund. This money will fund infrastructure projects aimed at unlocking new housing land, to continue to put downward pressure on house prices.

“We’ve also increased the threshold for the First Home Owners Grant by $100,000, meaning families can buy new homes valued up to $750,000 and still remain eligible,” Constance said.

“The NSW Liberals & Nationals Government has a broad spectrum of drivers in place, all working together to boost housing supply, and help those trying get into the market.”

 

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