How the recent Census data will effect NSW Property Owners
The First Home Owner Grant Scheme was first developed in July 2000, with the intention to offset the impact of the introduction of the GST and therefore assist first home owners to secure and purchase a new or existing home. With the recent census data coming to light, we can now identify that first home buyers are typically aged between 25-34 years old, and enjoy higher density living.
First Home Buyer Incentives
There’s no denying that the housing market is seemingly slipping from the fingertips of first home buyers with the average property price being over $1.1 million. The government’s acknowledgement of this was apparent when stamp duty for first home buyers on properties under $650,000 was abolished on July 1 2017. Furthermore, the government also announced additional concessions on property valued up to $800,000 for first home buyers.
While the median house price within a 10 kilometre radius of the CBD exceeds $2 million, there are plenty of options available to assist first home buyers in securing their first property. The NSW Government will expand the Priority Precincts identified for growth and revitalisation in Sydney to include more areas and fast-track the delivery of new homes in these areas. The expansion of these precincts, which will deliver around 30,000 additional homes, will allow for the acceleration of rezoning and for modern, more diverse developments to be built.
This expansion will ensure an increase in the supply of housing in:
- Belmore/Lakemba
- Burwood/Strathfield/Homebush
- Campsie/Canterbury
- Cherrybrook (government land)
- Frenchs Forest
- Glenfield
- Leppington town centre
- Anzac Parade corridor
- Riverwood
- Schofields town centre
- Seven Hills/Wentworthville
- St Leonards/Crows Nest
- Telopea
- Turrella/Bardwell Park
- Westmead
Sydney Census Overview
Source: 2017, http://www.censusdata.abs.gov.au/CensusOutput/copsub2016.nsf/All%20docs%20by%20catNo/Data-in-pictures/$FILE/sydER.html
