The Sydney Morning Herald reports there were only 2626 first home buyers in NSW in the month of October after the First Home Buyers Boost was slashed to $3,500.
This is a fall of 57% from the previous month where 6079 buyers made a rush to ensure they picked up a share of the extra $3,500, in many instances bidding prices up far in excess of what the grant was worth and over committing at a time of emergency low Interest rates.
Over the 12 months, 59,000 NSW first home buyers purchased their first home with an average rate of 4915 a month.
The first home buyers boost will be removed entirely at the end of the year.
ยป First-home buyers fade away – The Sydney Morning Herald, 28th November 2009.