Data released by the Australian Bureau of Statistics Housing Finance has shown that there has been an increase in funding for new and 'off the plan' homes in December 2012.
Loans for the construction and purchase of new residential properties by owner-occupiers had increased by 1.4 per cent for December, resulting in positive news for new home construction for that month.
If you're looking for real estate in Wollongong or the Illawarra, then you may want to consider purchasing a new home. In doing this, you can get access to the First Home Owner's Grant (FHOG).
First home buyers looking to purchase a new home can receive up to $15,000, as long as they meet the following requirements:
• the purchasers must occupy the dwelling for a continuous period of 6 months
• all applicants have not previously owned property
• the total value of the property does not exceed $650,000
• applicants have not previously applied for a home grant in another state
The total number of seasonally adjusted loans for the construction and purchase of new homes in the December 2012 quarter increased in three states: New South Wales (12 per cent), Western Australia (6.4 per cent) and Queensland (2.1 per cent).
Housing Industry Association economist Diwa Hopkins stated: "Overall, 2012 can be characterised as year where new home lending just managed to climb out of the lows reached in 2011, with lending for construction and purchase of new homes rising by 8.5 per cent. Furthermore, it’s encouraging to see that the NSW, Queensland and WA finished off 2012 with positive results as these states will be crucial to an aggregate recovery in new home building."
MMJ Real Estate can help you look for property for sale in Wollongong, and find the perfect home to suit your needs and meet your budget. Our agents can help you every step of the way, whether you're a first home buyer, or an experienced investor.