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Some support for first time buyer grant reforms

On May 02 2013
Tagged as:
  • Residential Property


The Civil Contractors Federation (CCF) has added its support to the discussion about changes to the ...

The Civil Contractors Federation (CCF) has added its support to the discussion about changes to the first time buyer grants changes in Victoria this week.

They join the Urban Development Institute of Australia in backing these reforms, while finding themselves contrasting to the impression of the Real Estate Institute of Victoria, who say that the reforms will be detrimental for many residential property buyers. 

Changes to the grant mean that the current $7,000 incentive for first home buyers will be raised to $10,000 but only in the case of brand new homes.

CCF Victoria chief executive officer John Stewart is positive about the reforms.

"I believe that these changes will bring some confidence back into the new residential housing market and help to clear current stocks of residential blocks that have been sitting stagnant for some months," Mr Stewart said in a statement on April 30.

He added that it was hoped that the new legislation would help the property and construction sectors to "return to ongoing sustainable levels of new housing construction, rather than the all go/all stop situation faced over recent years".

Subject to the passage of legislation, the reforms are due to come into effect on July 1 2013.



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