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While the industry is largely relieved that the First Home Owners Grant has been extended some have claimed it’s not enough.
Federal treasurer Wayne Swan revealed the grant would be extended in the federal budget on Tuesday night. Until the end of September first home buyers will have access to existing incentives, after which incentives will be reduced until ceasing at the end of the year.
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RAMS CEO Melos Sulicich yesterday said the extension will give Australians greater time to do their research, consider their long-term financial situation, talk to the experts and find the right property for their needs, instead of “simply rushing into a purchase.”
Mr Sulicich’s views were supported by Loan Market Group executive director John Kolenda who believes the extension will provide people looking to enter the property market with “more time to obtain pre-approval and the chance to properly consider their purchasing options.”
But while the industry has welcomed the extension some have questioned whether the action will deliver sufficient stimulus to the property market.
"With no certainty difficult economic times won't continue into 2010, the grants should have been extended for the full financial year," Real Estate Institute of NSW president Steve Martin said.
"We are only starting to see the beginnings of recovery in the property sector and the best is yet to happen. It is short sighted of the government to think this will happen before Christmas".
