June 16, 2010, Australia – According to the latest report regarding real estate in Australia stated that smart policy has been welcomed by property developers and some seniors groups. This policy stated an assistance package to home builders rather than home owners. Savings possibly will be worth up to $22,490 however purchasers must live in the new dwelling for at least 12 months to be eligible for the exemption.
In accordance to the news, the developer showed the proposal with the seniors groups welcomed the changes although said it be supposed to be comprehensive to cover all housing stock, not only new dwellings. “We understand the rationale behind it, but if the government was serious about encouraging people to downsize they would apply it to all homes,” said Charmaine Crow, from the Combined Pensioners & Superannuants Association of NSW.
The president of the Real Estate Institute of Australia, David Airey added that there will also an restrictions when it comes to this latest changes. “In many ways it is an assistance package to builders rather than home buyers generally, but . . . even if it’s a marginal increase in the supply of property, it’s got to have some benefit,” Mr Airey said. According to Paul Versteege from the National Seniors Association said the $600,000 cut-off was “very reasonable” because it was close to the state’s median house price of $546,000.
Source: The Sydney Morning Herald News
