First home buyers retreated from the property market in 2010, new data on the federal government's housing grants has confirmed.
According to the Australia Bureau of Statistics, in 2009 almost 19,000 first home buyers took advantage of the federal government’s housing grants each month. In 2010 however, this number dropped to just 7,460.
More than $1 billion in grants was given out in 2009 – much higher than this year.
In 2010, the NSW State Government paid out $344 million in grants to nearly 35,000 first-time buyers, with Western Sydney the favourite spot in NSW for first home buyers.
Since the introduction of first home buyer grants in July 2000, more than 477,000 first home buyers have received handouts worth more than $4.1 billion.