Sydney House Prices Drop 3.2% as First-Home Schemes Tighten Rules

Sydney's housing market fell 3.2 per cent over the June quarter according to the national Home Value Index data in the reports. The Reserve Bank of Australia held the cash rate at 4.35 per cent in June.

NSW offers a $10,000 First Home Owner Grant for newly built homes up to $600,000 or house-and-land packages up to $750,000. Eligible first home buyers receive a full stamp duty exemption on homes valued up to $800,000.

The federal First Home Guarantee allows purchase with a 5 per cent deposit and no lenders mortgage insurance with a Sydney price cap of $1.5 million. The Help to Buy scheme requires a 2 per cent deposit with government co-ownership up to 40 per cent for new builds and a Sydney cap of $1.3 million.

The First Home Buyer Choice scheme allows an annual property tax instead of stamp duty for eligible homes up to $1.5 million.

Sources: perplexity-sonar, perplexity-sonar.