The First Home Owner grant threshold has been lifted from $650,000 to $750,000, offering a timely boost to first time buyers in NSW.
First-time house hunters are now able to buy newly constructed homes valued up to $750,000, and remain eligible for the First Home Owner Grant. The new grant cut off has been boosted by $100,000, as of 1 July 2014.
The 2014/15 State Budget also introduced provisions for increasing housing supply, allocating $83 million to the Housing Acceleration Fund, which aims to speed up land release in Sydney’s south west.
New data from the Housing Industry Association presents a positive outlook for the home building sector, with new house sales up 15.6% between February and May 2014, compared wtih the same period last year.