NSW first home buyers keep breaking records

24 June 2009

NSW Premier Nathan Rees today announced NSW first home buyers have set the biggest purchasing record to date with more grants paid out in May this year than ever before in the history of the first home buyers scheme.

“We’re getting more young families into their first homes than ever before and helping them get on with establishing their lives,” Mr Rees said.

“Our contribution is directly helping first home buyers and May’s record figures of $178 million in grants and stamp duty cuts have benefited around 7,300 first home buyers across NSW.

“This was the third record month in a row, with more than $166 million in grants and stamp duty cuts for 7,000 home buyers in April and $159 million for 6,500 buyers in March.

“That means over half a billion dollars in grants and stamp duty cuts for almost 21,000 first home buyers in NSW in the past three months alone.

“Stamp duty concessions and first home buyer grants mean benefits of up to $41,990 are available to first home buyers – that’s a big support for families and a big shot in the arm to the economy.

“Record low interest rates and major government grants and stamp duty exemptions are helping families achieve their dreams, especially in western Sydney.

“The government’s boost to first home buyers is proving a major economic stimulus,” Mr Rees said.

Figures from the NSW Office of State Revenue show:

• 7,357 first home buyer grants worth $108.9 million were paid out in May, compared to 3,859 grants worth $27 million paid out in May 2008
• 7,114 of the grants paid in May were issued to applicants who qualified for the First Home Owner Boost and First Home Buyers Supplement, worth $107 million
• Stamp duty concessions worth $69 million were granted in May, compared to $34 million worth of concessions in May 2008
• The top five suburbs for grants were all in western Sydney, with first home buyers in Liverpool again topping the list and receiving benefits worth $2.96 million
• Since the introduction of first home buyer grants in July 2000, over 402,000 first home buyers have received grants and stamp duty exemptions worth over $5.7 billion.

Mr Rees said the housing sector is a vital part of the NSW economy.

Recent Australian Bureau of Statistics data shows approvals for first home buyers were up 31.8 percent in NSW in the year to January 2009.

This compares to a 3.2 percent rise in Victoria, a 15.8 percent increase in Queensland, a 13.8 percent jump in WA and a 19.7 percent rise for Australia.

In the three months to January 2009, first home buyers made up 37.5 percent of all home buyers in NSW.

Currently, benefits of up to $41,990 are available for first home buyers for a newly-constructed home; and up to $31,990 for an existing home.

The total benefits now available to first home buyers are:

Further information about first home benefits is available at www.osr.nsw.gov.au, or by calling the First Home Benefits hotline on 1300 130 624.