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First-time buyers 'need more support'

First-time buyers should be offered more support for house purchases by the Australian government, it has been claimed.
First-time buyers should be offered more support for house purchases by the Australian government, it has been claimed.

The Real Estate Institute of Australia (REIA) has suggested that the federal government's first home owners grant (FHOG) should be at least $10,000 (£5,658).

Speaking to Australian Property Investor magazine, REIA president David Airey called for the grant to be linked to the consumer price index. "If it had been indexed since 2000 it would now be around $14,300 (£8,091)," he explained.

However, he also warned the publication that criteria should be tightened to ensure money goes to genuine Australian first-time buyers.

Commenting on the Australian Bureau of Statistics figures published last month, Mr Airey indicated that the Australian property market will be essential to the country's economic recovery.

He indicated that the sector had contributed 0.3 percentage points to September quarter growth, or 9.9 per cent seasonally adjusted.
- property, grant, economy

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