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Overseas Property News
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Fury for first-time buyers in Oz
Country: Australia
30 April 2009 Prime minister, Kevin Rudd, is facing criticism from first-time buyers and the Australia property industry at large, after he hinted that the $21,000 (£14,200) first-home buyers grant would be withdrawn at the next budget announcement. The prime minister dropped his biggest hint yet, when he said that all good things must "come to an end". Industry experts believe that a withdrawal of the first-home buyers grant would be devastating for the struggling construction sector, and potentially cause the housing market to collapse, as demand for property in Australia would probably sink. Speaking in Perth, Mr Rudd gave his strongest indication yet the government would not extend its boost to the first-home buyers grant beyond June 30. “We should all underline the fact that all good things at some stage come to an end,” Mr Rudd said. “We've been very clear in our announcements about how long this programme would last.” The Government raised the grant in October from $7,000 (£4,740) to $21,000 (£14,200) for new homes and to $14,000 for existing homes, to insulate the building industry from job losses caused by the global financial crisis. The boost, which was part of the $10.4bn (£7bn) stimulus package, sparked strong demand from first-home buyers, with nearly 30,000 people accessing the scheme between mid-October and 31 January.
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