“In August last year 60 homes were repossessed by the Bankstown Sheriff. Last month it was 20,” Mr Clare said.
“This is a massive turnaround. Two years ago sheriffs were flat out having to repossess homes. Now real estate agents are flat out finding places for people to buy.
“Low interest rates and the increase to the First Home Buyers Grant have kick-started our local housing market,” Mr Clare said.
Since March last year interest rates have fallen by 4 per cent. Interest rates are now at their lowest rate in 45 years.
Local Real Estate Agent Mark Newey said he has been run off his feet: “We’ve had our busiest month in more than five years. Half of them are first home buyers. This is a new generation of home buyers, moving into our community,” Mr Newey said.
“Things are still very tough. You can’t pay the mortgage without a job. That’s why the Government’s Nation Building and Jobs Plan is so important. It will help protect jobs and homes here in Bankstown,” Mr Clare said.
“It’s important that first home buyers make sure that they don’t get in over their heads. We currently have the lowest interest rates in 45 years, but eventually rates will rise. Borrowers should take this into account when calculating how much they can afford to borrow,” Mr Clare said.
In October 2008 the Rudd Government announced an increase in the First Home Buyers Grant to $14 000. Nearly 30,000 Australians have received the Rudd Government’s First Home Owners Boost in its first three-and-a-half months of operation.
Media Contact: Chris Zogopoulos
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