Saturday saw the inaugural Ray White Real Estate auction at the Ipswich Show with 6 homes being SOLD on the day and strong activity on the others. This is a good result for our sellers and the buyers alike, another indication that the Ipswich real estate market is going against national trends.
What is sure to help this further is news that the boost to the First Home Owners Grant has been extended in the Federal Budget announced tuesday night, after recent speculation it would end as originally planned on June 30.
The boost will continue in its current form at the full $14,000 for eligible first home buyers for the purchase of existing properties and $21,000 for newly constructed properties until September 30.
Between October 1 and December 31, the boost will be halved as part of a phase-out period, with grants during this time of $10,500 available to purchase existing properties and $14,000 for newly constructed properties.
The extension is likely to boost the number of first home buyers entering the market in the second half of 2009 than would otherwise have been likely if the grant had been wrapped up as planned on June 30. This will allow potential buyers more time to find property and obtain the necessary home loan approvals.
Warren Ramsey
Principal