First Home Buyer Update

The Federal Government announced this month that each state government could cap the first home buyer grant – set to fall to $7000 from January 1.

In NSW, that upper limit will be $750,000, while halving of stamp duty on any property up to $600,000 will also be wound back at the end of the year.

This could affect first home buyers looking to purchase close to the city, as prices in this zone are often above the new upper threshold of $750,000.

However, first home buyers should not discount middle circle suburbs where it is still possible to purchase under $600,000.

Some recent capital gains in these suburbs have also outperformed inner suburbs (particularly those in the Northwest and West).

Remember, always consult a trusted property professional before investing.