A new report has signalled some early success achieved by the First Home Owner Grant boost announced in mid-October. National sales of new houses and units jumped 4.5% in October, following a steep drop of 10.4% in the September quarter according to the Housing Industry Association.
Sales in Queensland surged by 24.9% to their highest level in 2008. Victoria also staged a stunning improvement in the same month with sales climbing by 20.3%. South Australia notched up a decent 17% increase in sales, but both NSW and WA recorded sharp declines.
The result was one of the first concrete signs that the tripling of the First Home Owner Grant for new homes was working, seeing the grant go from $7,000 to $21,000 in Australia. NSW boosted it even higher, to $24,000.
Source Your Mortgage Magazine: 04/12/2008
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