News & Events
This Week In Property 29 October 2019
5 THINGS YOU NEED TO KNOW THIS WEEK - 29 OCTOBER 2019
Keep up to date with all the latest news from the Australian property market this week.
- The price cap on Sydney homes purchased under the government’s proposed First Home Buyer Deposit Scheme will be $700,000, according to details released on Sunday.
- The new First Home Buyer Deposit Scheme, due to start on January 1 2020, will be available to up to 10,000 first home buyers in its first year. It is designed to help people make up any shortfall in the 20 per cent deposit they need, in order to avoid expensive lender’s mortgage insurance.
- With the average price of a home in Sydney sitting above $1 million, first home buyers hoping to take advantage of the new deposit scheme for a detached home will need to look outside the city centre, and consider building new.
- Record-high auction clearance rates held steady in Sydney over the weekend despite the volume of available stock increasing by a third in the space of a week. Many sold above their reserve price.
- Several listed property companies have told the market in the past week that the new home construction market is starting to pick up, and that prices of new homes are likely to increase in 2020.
