Budget delivers for first home buyers

We exchanged three properties this week, bringing our total May performance so far to seven sales, including three off market. Those properties exchanged and sold this month left the market as quickly as they arrived, averaging just 11 days in our hands.

742/2 The Crescent was sold for $880,000, setting the highest price for a 2🛏️ 2🛁 1🚗 in the waterfront estate this year. The price also marks $50,000 more than a September 2020 sale of the same style apartment two levels below (551/2) which sold for $830,000 just 8 months before, and is a symbolic example of the market’s rising strength.

The new Family Home Guarantee will support 10,000 eligible single parents to purchase a new or existing home with a 2% deposit between 2021 and 2025. First home buyers will also benefit from changes to the existing First Home Super Saver Scheme (FHSSS), enabling withdrawal of up to $50,000 of any voluntary additions previously made into superannuation - an amount previously capped at $30,000.

The downsizer scheme in place will also now extend to people aged 60 - down from 65 - who sell their home, allowing them to contribute a one-off payment of $300,000 per person into their superannuation.With 56% of our purchasers this year being first home buyers, and 10% being downsizers, we’re pleased to see incentives in place to support these cohorts achieve their property goals.

Alexander Chidiac
When it comes to dealing with buyers and sellers in Wentworth Point, Rhodes, Newington and throughout this part of the inner west, Alex enjoys an exceptional reputation earned from over 10 years’ experience in the industry.

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