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Thank you all for sharing your views. I have broadened the scope of the petition to address the possibility of stamp duty concessions for first home owners.
Of course, but the point remains that it is primarily investors who are being motivated by these low interest rates to sink their money into the property market. Notwithstanding consecutive interest rate cuts there was a 57% drop in the number of home loans to NSW first-home buyers in the 12 months to the March 2013 quarter. In other words, low interest and the existing FHOG for new properties have not been enough to make property affordable for first home buyers.
I concede there is an argument that government incentives can (and perhaps in the past have) distorted the market such that any benefits may be wiped out. However, and without disrespect to forum members, it seems pretty indisputable that recent record auction clearance rates and significant property value increases have been driven primarily by investor demand. All I am suggesting is that some form of government assistance (be it grants or stamp duty concessions) may level the playing field since at the moment first home owners simply cannot compete with investors – many of whom are in the position they are in today because they benefited from previous government grants. I understand that it may be difficult for me to sway investors. I just ask you try and think back to how hard it was for you to put your first foot on the property ladder.
