First home buyers embrace more affordable opportunities
More affordable housing is back on the agenda with new housing products and packages and first home buyers are embracing the opportunity.
Since the scaling down of the First Home Owner Grant (FHOG), which has steadily decreased to $20,000 since it’s height in 2009 of $32,000 for first home buyers purchasing a new home in a metro area, housing affordability has taken a plunge.
First home buyers have been rather deterred from the new home market lately and considering the soaring cost of house and land packages, it hasn’t been that surprising.
However, the move away from new home ownership by first home buyers has actually had quite a positive effect on the market – if you look around today, there are a lot more affordable first home buyer options than there were 12 months ago.
Take for example our recently launched home designs specifically tailored to 10.5 metre wide lots, which gives first home buyers the opportunity to purchase a functional and stylish home on a more affordable lot.
The designs, including the Granada, Monarch and Monaco, have provided more options for first home buyers, meaning they no longer have to make agonising compromises simply to buy their first home, especially with house and land packages from $326,404 when using the FHOG.
We’ve also introduced terrace style homes, including the Kinsmead and Larwood - with terrace house and land packages at Melbourne’s popular Marriott Waters priced from under $300,000 – that’s right under $300K for first home buyers eligible for the FHOG.
If you know you want to buy a new home, but don’t know what FHOG you’re eligible for it’s as easy as calling into one of our displays and we can help you find an affordable opportunity.
Are you a first home buyer? What features must you have in a new home?