Property sales in the sub $500,000 range are expected to hit a wall next year, as the government removes certain first time buyer stamp duty concessions.
Aussie founder and executive chairman John Symond said the NSW State Government’s decision to scrap stamp duty exemptions for first time buyers purchasing established dwellings under $600,000 would forcibly accelerate the buying process for many.
“This decision has spurred manyfirst home buyers (FHB) into action and will bring forward many buyers who may have been waiting to see what happens with the economy,” he said.
“While we may see a few months of action in this sector, it’s likely to cause property sales in this sub $500,000 range next year to slow down.”
But while property sales in the sub $500,000 will inevitably slump next year, Mr Symond said brokers would no doubt see an increase in FHB enquiries before the end of the year.
Already the brokerage has seen online enquiries from FHB’s for an Aussie broker appointment jump by more than 90 per cent.