The introduction of a $1.5 million threshold under a new first home buyers scheme has led to a sharp increase in demand for properties under that price, but also affected those above it.
When aspiring Sydney home buyer Leighton Aurelius started searching for a home in December, he thought having a healthy deposit and a sound financial position would give him the edge over the competition.
“I think because everyone is factoring in their stamp duty savings, they are prepared to go all the way to the maximum and inflate prices for homes that were worth less than that,” Mr Aurelius said. “I think the scheme has created a ceiling in the market. So everything that was worth $1.2 million or $1.3 million is getting pulled up to $1.5 million,” Mr Price said.
Nicola Powell, Domain’s chief of research and economics, said the result reflected the interest created by the NSW government scheme but also highlighted the shift towards the affordable end of the market.
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