South Australian new home sales surge
Low interest rates and generous first time buyer incentives are having an impact on South Australian house hunters, with a recent report showing new home sales are up around the state.
The Housing Industry Association's (HIA) New Home Sales report revealed the number of people buying a new dwellings rose by 2.8 per cent during September - indicating confidence is returning to the state's residential property sector.
HIA executive director, SA, Robert Harding said the new home property sector had taken a hit, but the recent figures were a sign that conditions were headed in the right direction.
"This September result is encouraging as it precedes the October commencement of the increased government assistance for new home buyers," Mr Harding explained.
The recent figures show the effect that the state government's home buyer incentives are having on the industry, with more people taking advantage of favourable conditions to break into the property market.
First time buyers who purchase off-the-plan apartments in Adelaide city and the Riverbank precinct will receive a grant of $15,000, as well as a housing construction grant of $8,500 and stamp duty savings of $16,330.
Real Estate Institute of South Australia (REISA) chief executive officer Greg Troughton said the building stimulus package would help more people get a foot on the property ladder.
"The grants will help people get into a new property sooner and it will also help create additional housing stock that is needed with projected population growth in the future," Mr Troughton explained.