Saying lovely to talk to you. So label reelected on the big promises for first home owners. Have they kept their promises?
Well, so far, we're not seeing that.
I mean, they've put a lot of promises out there like they're going to be having given all first homeowners access to the five percent deposit. They've talked about putting ten billion dollars to build one hundred thousand homes that only first homeowners can buy, talked about higher property limits, no caps on places, and no income caps. So far,
none of that's delivered. And we're getting towards the end of the financial year and I've got a lot of people that I'm seeing wanting to buy and they're not sure if they were going to meet next year's.
Caps and get into a property.
Did they give us a timeline in the first place.
Well, they didn't give us a timeline. But I guess when you're getting elected and you're saying these things, people are waiting for it to happen. And there's a lot of people out there who want to home and want to get in, so they're wanting this to go forward or at least know a timeline and when it's going to happen.
That's the problem. There is no timeline yet.
So what's the most important thing so far for the first home and has promised that hasn't been delivered that people really want to take advantage of.
Well, I would think that the higher property limits is going to be a really important thing going forward. As an example, I've got a client who's looking to buy in Makay at the moment and they're stuck on a five hundred and fifty thousand dollars purchase price. Now she can actually afford more, but that's the maximum under the cap, so she's got to buy by the.
End of the month.
And then there's so many people looking to buy there that the property's listed at five hundred and they're selling at six hundred. So she's put I think ten offers in and not even been eligible for a property yet.
So where does this leave them out of poker out to home?
Well, I mean they have spent a little bit of money on going there.
They are still renting, but obviously wanting to get ahead and get into your own home.
Is it going to be possible?
So as the new year goes on, they might not meet the income threshold as a single person, and then they might not be able to get a property, so they might be stuck just continuing to rent, and then they're not sure when these changes will take place.
So with all of these promises, what's the most important one would you say? At this stage?
I still think increasing the property limits would be the absolute maximum one because the property prices have gone up so much and the property limits haven't changed. Needs to meet the current market to enable the first home owners to buy right now?
How long before we really need to start seeing things getting done well?
I mean the change is well in a lot of markets. I mean, if you're looking in areas that have grown quite a lot lately, the Queensland price points in whether it's in the capital city or in the regional don't really align to what the market's doing at the moment. So really you can't even buy in the Queensland capital or in regional places in a lot of spots with their price caps. So they're just stuck being eligible for the grant but not being able to access it.
What advice are you giving your clients?
Look, I mean, at the moment, I'm saying that there has been promises that this will change. Unfortunately, not sure where that's going. I mean, even if you're looking in the Sydney markets now for a first home ownty and there's not much you can get for nine hundred thousand, and then when you have to afford nine hundred thousand, the income threshold cuts them out from being able to
afford that price loan. So in a lot of markets around Australia, it doesn't make sense with the policies that are currently in place to enable the clients to get into their first time But.
As you say, the lower end of the housing market's still strong in many areas, isn't it.
It is, and that's one of the problems as well. So with the lower end is probably where we're seeing more growth. But as rates come down over the next six months, that lower end is where there's going to be more demand, which means those prices are increasing. So the longer it takes until these changes come in, the potential that clients are paying more or they might even move outside of that threshold again to be able to buy.
And it's hard to say this without looking into a crystal ball, but do you think that any of these promises will come to fruition.
Look, I'm absolutely hoping that it does because they have let Australians elect them with these promises and to not deliver to first home owners, and with so many younger Astralian's coming up and wanting to buy and being the voting majority now, it'd be crazy not to follow through on some of these promises that they've said will be there.
If anybody wants some more advice on this, where would they go.
Housing Australia is probably the main like that's who runs all of these grants, so that's probably where you can get the main information on the grants. There is a lot of information online, I mean on the label website. You can see their promises, but we can't see what's actually followed through yet.
So Housing Australia website is the best one.