 Slowing first home market
The government's first home buyer grant is due to be reduced soon, back to original levels, and it seems the first home buyer market is suffering as a result.
The number of Australian's taking out the grant is falling from the record high levels seen after the boost was announced.
This hasn't stopped Housing Minister Tanya Plibersek boasting that Australian Bureau of Statistics (ABS) finance data for housing shows the boost did have a positive impact.
The minister also warns that strong housing markets can be crucial for supporting jobs and consumer confidence within Australia during financial crisis.
Labor released data on Saturday showing that since the boost was extended, until the end of July, more than 137,000 people had taken up the grant.
Doubled to $14,000 for established homes and trebled to $21,000 for new properties as part of the government's first stimulus package, the peak came in June but then dipped soon after.
On September 30 the grant will fall to $10,500 for established homes and slide to $14,000 for new homes until December 31. The original $7,000 will be offered from next year.
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