Is now a good time to buy a new home?

Published: March 18, 2009 - 01:00 PM

Despite the financial crisis property sales are strong

Despite the financial crisis property sales in Western Sydney are very strong. The Daily Telegraph reports that according to the NSW Office of State Revenue Blacktown and Penrith have seen a 20% increase in sales, whereas Campbelltown, Fairfield and Liverpool have recorded 12% rises.

Only a year ago the region was suffering from a major housing affordability crisis with many people priced out of the housing market. However with the introduction of the first-home buyer grants and stamp duty concessions many families are purchasing their first home. The Daily Telegraph reports that more than 50 per cent of all sales are first home purchases with the majority sold for less than $500,000.

Western Sydney families are now benefiting from lower fuel prices, reduced mortgages payments and bonus payments from the Federal Government's two stimulus packages. Although it’s not all good news for the State Government, as home sales under $500,000 are exempt from stamp duty and demand for first-home buyer grants costing the State Treasury $355 million last year.

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