In this week’s 2 minute property investment news video I talk about the increase in NSW’s First Homeowner Grant claims.
Western Sydney is leading the charge for first homeowners’ in New South Wales. Western Sydney suburbs make up 70 per cent of the top 20 suburbs claiming the First Homeowner Grant in New South Wales.
The take-up of the First Homeowner Grants in the top 20 suburbs had almost tripled in the three years to 2013, reaching 2042 applications. According to the State’s Treasurer, Mike Baird, new housing lots, particularly in Sydney’s northwest and southwest growth centres, have been unlocked by infrastructure.
Baird says “The good news is housing supply is finally rising to meet demand, but there is much more work to do.” And it appears Victoria is loosening the rules on boundary walls. The Victorian State Government is looking to reduce the number of building permits required for boundary walls on new homes.
The State’s Minister for Planning, Matthew Guy, has announced that under the reforms, boundary walls of new builds or extensions can have further setbacks and greater heights without needing a permit. The average height of a permit-free boundary wall will be increased from 3 metres to 3.2 metres under the reform, a move that should help property owners achieve their desired 2.7 metre ceilings.
And finally, the latest figures from the Australian Bureau of Statistics indicate the nation’s population is set to double to 46 million by 2075, although it could reach the milestone as early as 2058.
Housing providers also need to factor in the aging population with the study revealing Australia’s present median age of 37 could increase to 40.5 by the year 2040. The Housing Industry Association of Australia says policy makers need to step up, as these numbers show the nation has to increase its home building rate in order to accommodate the growth.