The latest fall in interest rates combined with the looming deadline for government incentives will keep the heat in the first homebuyer market for some months yet.The challenge for real estate agents is no longer selling a home in a first home buyer's price range, but finding one to sell.Ivan Spanicek of Right Choice Real Estate operating in the Shellharbour City area, said his agency sold 57 homes last month.
Reserve Bank of Australia: interest rate changes Home loan, stamp duty and borrowing calculators"We have another 25 to 30 qualified buyers on the books now," Mr Spanicek said."About 75 per cent of sales have to do with the rush to take advantage of the home buyer grants."We are running out of stock ... buyers are chasing everything they can get."Ben Mitchell of Ray White Shellharbour City said interest rate levels were a bonus, but the cash grants remained the focus of first home buyers.However Mr Mitchell said the low rates were attracting investors back to the market and encouraging second and third home owners to upgrade.Ali Zaidi, 30, and his partner Wendy Young, 26, yesterday received approval to buy a $448,000 four-bedroom home at Albion Park.Now renting in Fairy Meadow, affordability was a factor in their decision to buy south."There was pressure with the grants which forced us to speed things up, but the pressure was probably good for us to make the move," Mr Zaidi said.When the Mercury spoke to Lorenzo and Kimberly Giacometti in October last year, the young couple was living with family in Balgownie as they prepared for their wedding.As interest rates fell and grants increased, they began their search for a new home north of Wollongong, but eventually settled on a three-bedroom home in Dapto, costing $295,000.They plan to stay about five years, and then look at returning north.
