MARKET BOOMING WITH HELP FROM FIRST HOMEBUYERS
Spring traditionally heralds the beginning of a real estate boom, with 25 per cent more homes on the market.
But with the first homebuyers grant about to end as well, there’s currently even more of a flurry to find that perfect property in the Hunter.
“When you look at it, it’s actually $7,000 towards their deposit so that affects their borrowing capacity quite significantly,” said Mark Kentwell of PRD Newcastle and Lake Macquarie.
Property experts say demand is currently high in the region, while supply is low.
And the grant, which ends on September 30, is also affecting sales in the next bracket, according to Mr Kentwell.
“Because of the amount of extra sales that we’re seeing in the lower end of the market, you are finding that we’re having a shift… Those people have sold their homes and now they’re buying in the bracket above.”