Napthine Fails First Home Buyers – Lowest Figures Since - TopicsExpress

Napthine Fails First Home Buyers – Lowest Figures Since 2004 First home buyers are being squeezed out of the market because of the Napthine Government’s cuts to the First Home Owners Grant scheme, Australian Bureau of Statistics (ABS) figures released today indicate. According to the ABS, the number of first home buyers dwellings financed in Victoria in January 2014 was the lowest in a decade. The number of dwellings financed dropped by 16% to 1494 while at the same time the average home loan size has increased to its highest ever level at $297,600. Quotes attributable to Mr Tim Pallas: Shadow Treasurer “By reducing access to the grant, Denis Napthine is not only making it harder for Victorians to buy their first home but he is also costing thousands of construction jobs in the home building sector. “The Napthine Government’s failure to invest in jobs and infrastructure is hurting business confidence and the Victorian economy is falling behind. “Victorians trying to buy their first home deserve better than Denis Napthine’s cuts.” Key Facts ■· The Napthine Government scrapped the first home owners grant for established homes in July 2013. ■· Since that time the proportion of home loans for first home owners has fallen from 18.6 per cent to 12.7 per cent. ■· The decade average before that (between August 2003 and August 2013) had been 20.2 per cent. ■· Median metropolitan house price has increased by 50 per cent over the decade to 2013. ■· 21 per cent of first home buyers in Melbourne experience housing stress (compared to 15 per cent in Sydney) (source: Australians for Affordable Housing group). ■· MBAV believe many homes would not have been built or purchased had grants not been available. ■· REIV has said that the Napthine Governments changes to the first home owners grants would hit first home owners worst as they tend to prefer buying established houses. ■· The most recent available figures show there are now fewer Victorians employed in construction than there were in November 2010.

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