First-home buyers flock to grants

First-home buyers across Australia have been flooding estate agents and building firms on the hunt for a bargain property following the extension of the first-home buyers grant.

According to the Daily Telegraph, the new $14,000 grants have caused a wave of activity throughout the week, with experts expecting auction houses to be packed to the rafters this weekend.

Queensland property expert Peter McGrath told the paper that estate agents had been inundated with enquiries from first-home buyers, particularly for houses at the low end of the market.

Meanwhile, New South Wales residents may be in for an extra boost, after property developer Landcom said it would keep its $16,000 rebate offers on the shelf.

“Customers out there have been … looking around and shopping around for the best deals. It would be very dumb of the market to pass on the new grants in a price increase,” said Landcom’s Robert Sullivan.

In addition to offering $14,000 for first-home buyers looking for an existing property, those first-home buyers looking to build can now get access to $21,000 in grants to get them on their way.ADNFCR-1761-ID-18831933-ADNFCR