There has been a noticeable decrease in First Home buyers in the market. First Home buyers now only comprise 13.7% in property market share, a 22% decrease from last year.
To further entice first home buyers, Tasmania is making a very drastic move of doubling their first home builder grant from $15,000 to $30,000 in an effort to promote home ownership in the area. The Tasmanian region of the Housing Industry Association said that this is to encourage home buyers from Melbourne and Sydney – the strongest areas of property investments, to give Tasmania consideration.
LJ Hooker has forecasted 1,800 first home buyers to enter the market in 2014, a 23% increase from last year. This is set to increase with the decision to double the first home builders grant in the area.
Read more about this on the Australian Broker Online website.