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ISCOVER
Staff Reporter
Aussie’s executive chairman John Symond has warned first home buyers to jump on the property ladder now or risk being priced out of the market.
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FHBs may find that property purchases within their reach could be up to $17,990 more expensive on January 1 following the NSW State Government’s decision to scrap stamp duty concessions.
According to Mr Symond, a combination of price inflation over the last 10 years and a lack of new housing have combined to make the goal of home ownership completely “out of reach”.
“FHBs no longer have a chance to buy a house in more than 100 suburbs across Sydney, which now have a median price above $1 million,” he said.
He said many potentially face a lifetime of living in apartments, however that window of opportunity is quickly diminishing as their prices continue to rise as well.
“The scrapping of the concessions will mean many FHBs may be priced out of the market,” he said.
“Those FHBs who have been counting on the concessions and may have only just scraped enough together, might find themselves unable to purchase come January 1.”
But Mr Symond said it was not too late for FHBs to act now and find themselves a property that is within their financial grasp.
