Government doubles NSW first home buyers grant
New South Wales residents struggling to break into the state's property market received a fiscal boost earlier this month, with the government introducing more cash incentives for those buying new homes across the state.
As part of the state government's Building the State package, NSW treasurer Mike Baird said the first home owners grant will be more than doubled to $15,000 - encouraging more people to get a foot on the property ladder.
The grant, which is available for those purchasing new homes worth up to $650,000, will drop back down to $10,000 in 2014, which is still higher than the previous grant of just $7,000.
"We are committed to kickstart housing and construction activity across this great state," Mr Baird said.
"We will deliver more land, more resources, more infrastructure and more support to the housing industry and to the economy."
As part of the government's shake-up of the residential property sector, a New Home Grant of $5,000 will also be available for anyone purchasing real estate valued up to $650,000.
In its latest forecast of the NSW home-building industry, BIS Shrapnel said about 8,000 new homes would be built as a direct result of the changes to the first home buyer grant.
BIS Shrapnel associate director Kim Hawtrey said residential building was expected to increase from 25,000 dwellings each year to almost 40,000 by 2015.