Housing Minister Michael Sukkar says first home buyers are leading the “recovery of the Australian housing market”.
He said the market was recovering, in large part, due to the thousands of people who took advantage of the federal government's scheme which allowed property to be purchased with a deposit of as little as five per cent. “At last count about 6,500 people who are at some point of the process in either getting their pre-approval, securing a guarantee or, in some cases, having already settled on a property,” he said.
About half the applicants have their sights set on properties outside capital cities, which Mr Sukkar said the government designed “deliberately” so it wasn’t centric to Melbourne, Sydney and Brisbane. “This could be very easily the type of scheme that gets used just in our major capital cities," he said. “There was about half in our major capital cities, the other half outside.
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