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New South Wales home buyers may be eligible for a $7,000 government hand out should they consider a move to the country, under a new scheme announced this week.
In a bid to ease growing pressures in Sydney’s metropolitan markets, the NSW government has announced that it will offer home buyers a monetary incentive to relocate to regional areas.
From July 1 this year the Regional Relocation Grant will provide a $7000 financial incentive for metropolitan home owners who sell their city home and purchase property in regional and rural NSW centres.
All applicants must have owned and occupied their metropolitan home for at least 12 months prior to selling and the grant will only apply in the case of property purchases of no more than $600,000.
The REINSW praised the state government for the initiative, claiming the scheme will strengthen rural communities while improving the availability of housing in metropolitan areas.
“A lack of encouragement for investors and developers combined with out-dated and convoluted planning laws has simply stunted residential property growth in many of our metropolitan communities,” said REINSW President Wayne Stewart.
“The beauty of this initiative is that it frees up existing housing stock without having to wait for new stock to be built.
“That means we can start addressing the housing availability crisis virtually immediately.”