In what will be another blow to Rudd policy, the number of victims of the First Home Owners (Vendors) Boost is starting to mount.
The Sydney’s Sunday Telegraph has published a story today of several first home owners from Sydney’s southwest where falling prices have resulted in negative equity, and rising rates is clawing even more money from already over stretched budgets.
Louis Christopher from SQM Research said first-home buyers who entered the market with the help of government grants can expect a hard year ahead. “The scheme was all about saving the market from a big correction, It was never about improving affordability for first-home buyers.”
» Home dreams turn sour in the southwest – The Sunday Telegraph, 9th May 2010.