Real Estate Institute of Australia – 02/10/08

The REIA welcomes the implementation of the First Home Savers Account and urges those aspiring to own their home to consider opening an account.

“The First Home Savers Account will provide a platform to increase the number of first home buyers with the demand they will create for housing providing an impetus to increase the amount of new housing stock in the market’ said REIA President Noel Dyett.

Data from the latest Deposit Power/REIA Housing Affordability Report showed that the total number of first home buyers in the market in the June quarter 2008 had decreased 17% when compared with the same period last year clearly showing that some impetus is needed.

The Government will contribute an extra 17% on top of funds deposited into the First Home Savers Account up to the value $5,000, a potential contribution of $850 per year.