NSW Home Sales Soar

Source : The Business Times, June 25, 2009

(SYDNEY) New South Wales Premier Nathan Rees revealed yesterday a record number of first home buyers in May showed there had never been a better time to enter the Australian property market.

About 7,300 first home buyers took advantage of government grants and stamp duty cuts, worth around A$178 million (S$207.9 million). It was the third record month in succession, with more than 21,000 first home buyers taking up the offers in that time, Mr Rees said.

'We're getting more young families into their first homes than ever before and helping them get on with establishing their lives,' he said.

The biggest amount of grants, which are worth up to A$24,000 for those buying new homes, were handed out for properties bought in Sydney's western suburbs.

Mr Rees noted the first home owner grants paid out in May were almost double those paid out in the same month last year. -- Xinhua