00:00It's the spring selling season, typically one of the busiest times in real estate.
00:11Hi, how are you? Thanks for coming today.
00:14This is one bedroom, 36 square, so on the smaller side.
00:17But this property is really for first home buyers and they're out in force at the moment.
00:22What's the guidance? 680. Go through and see the view. It's beautiful.
00:28This year, first home buyers are getting a helping hand.
00:32Questions? Yes, that's its price. We're guiding a million.
00:35The government expanded its home guarantee scheme, meaning more new buyers can get in the market with just a 5% deposit.
00:43The existing income caps have been scrapped and property price thresholds increased.
00:49There's people who can now buy who previously couldn't, which is amazing.
00:53But they'll be competing with investors, upsizers, downsizers and each other.
00:59Do you think this is going to drive competition and demand?
01:03Definitely, definitely. I mean, if more people have more money and pre-approval, then there's no doubt.
01:09I absolutely think it will create urgency in the market.
01:11Buyers will be wanting to buy because they'll probably want to get into the market at this point.
01:16James Wigley is one of those want-to-be first homeowners, taking advantage of the expanded scheme.
01:23The 27-year-old professional has been living with his parents to save up.
01:27Essentially, because I'd be looking at entering the market by myself.
01:30I'm looking at apartments, which is pretty much all I can afford in Sydney at the moment, just given my budget.
01:35He's looking all over the city, but still expects it to be a tough search.
01:40His mortgage broker has told him there are a few things to watch out for with the 5% deposit scheme.
01:46People do forget that prices do fluctuate, but they can.
01:49You're borrowing 95%, and if the market turns for a period of time, and then you're a forced seller, you actually could be selling at a loss.
01:58Richard Brown has clients buying across Australia. About a third are looking for their first home.
02:05The deposit isn't always what stops them.
02:08The cost of housing and the taxes up front are the biggest things that I see stopping first home buyers in particular.
02:16The Albanese government has rejected criticism the scheme is inflationary and open to wealthy individuals,
02:23and says it's about young people getting the keys quicker.
02:26It's a pretty significant contribution for people who get into homeownership, who wouldn't get there themselves,
02:31or would take much, much longer to save that deposit.
02:34The government says this expanded scheme shouldn't push up house prices too much, just half a percent over six years.
02:41But others are sceptical.
02:44I just cannot see that it's going to have such a small effect, just from what I see through my brokerage,
02:49and what clients are currently doing.
02:51One thing that's on the back of my mind is, you know, it's not only easier for me, but it's also easier for everyone else.
02:55For new buyers like James, the race is on to get on the property ladder.
03:00those we have to keep learning reliable.
03:01Woo.
03:02Yes, go after what's interesting about them tap the property ladder.
03:04Do you ever see her?
03:05Are you really stuck around the property ladder?
03:06I'm lucky a few.
03:07You're just going to have to keep learning how you are now.
03:09Now I'm keeping safe on today'sj script.
03:10Art, thank you so much for a lot.
03:11All my housekeeping place around this one.
03:12I asked them now.
03:13I met the Archaldo CAND Springs today.
03:14No matter how many people were sicknesses and oliveesus,
03:15the insurance side, aren't anything else.
03:16Yes, many people were Peninsula teen.
03:19I gotta ask them right now.
03:21If they didn't think that I was no longer than I do last resort.
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