Speaker 1: Saying lovely to talk to you. So label reelected on
Speaker 1: the big promises for first home owners. Have they kept
Speaker 1: their promises?
Speaker 2: Well, so far, we're not seeing that.
Speaker 3: I mean, they've put a lot of promises out there
Speaker 3: like they're going to be having given all first homeowners
Speaker 3: access to the five percent deposit. They've talked about putting
Speaker 3: ten billion dollars to build one hundred thousand homes that
Speaker 3: only first homeowners can buy, talked about higher property limits,
Speaker 3: no caps on places, and no income caps. So far,
Speaker 3: none of that's delivered. And we're getting towards the end
Speaker 3: of the financial year and I've got a lot of
Speaker 3: people that I'm seeing wanting to buy and they're not
Speaker 3: sure if they were going to meet next year's.
Speaker 2: Caps and get into a property.
Speaker 1: Did they give us a timeline in the first place.
Speaker 3: Well, they didn't give us a timeline. But I guess
Speaker 3: when you're getting elected and you're saying these things, people
Speaker 3: are waiting for it to happen. And there's a lot
Speaker 3: of people out there who want to home and want
Speaker 3: to get in, so they're wanting this to go forward
Speaker 3: or at least know a timeline and when it's going
Speaker 3: to happen.
Speaker 2: That's the problem. There is no timeline yet.
Speaker 1: So what's the most important thing so far for the
Speaker 1: first home and has promised that hasn't been delivered that
Speaker 1: people really want to take advantage of.
Speaker 3: Well, I would think that the higher property limits is
Speaker 3: going to be a really important thing going forward. As
Speaker 3: an example, I've got a client who's looking to buy
Speaker 3: in Makay at the moment and they're stuck on a
Speaker 3: five hundred and fifty thousand dollars purchase price. Now she
Speaker 3: can actually afford more, but that's the maximum under the cap,
Speaker 3: so she's got to buy by the.
Speaker 2: End of the month.
Speaker 3: And then there's so many people looking to buy there
Speaker 3: that the property's listed at five hundred and they're selling
Speaker 3: at six hundred. So she's put I think ten offers
Speaker 3: in and not even been eligible for a property yet.
Speaker 1: So where does this leave them out of poker out
Speaker 1: to home?
Speaker 2: Well, I mean they have spent a little bit of
Speaker 2: money on going there.
Speaker 3: They are still renting, but obviously wanting to get ahead
Speaker 3: and get into your own home.
Speaker 2: Is it going to be possible?
Speaker 3: So as the new year goes on, they might not
Speaker 3: meet the income threshold as a single person, and then
Speaker 3: they might not be able to get a property, so
Speaker 3: they might be stuck just continuing to rent, and then
Speaker 3: they're not sure when these changes will take place.
Speaker 1: So with all of these promises, what's the most important
Speaker 1: one would you say? At this stage?
Speaker 3: I still think increasing the property limits would be the
Speaker 3: absolute maximum one because the property prices have gone up
Speaker 3: so much and the property limits haven't changed. Needs to
Speaker 3: meet the current market to enable the first home owners
Speaker 3: to buy right now?
Speaker 1: How long before we really need to start seeing things
Speaker 1: getting done well?
Speaker 3: I mean the change is well in a lot of markets.
Speaker 3: I mean, if you're looking in areas that have grown
Speaker 3: quite a lot lately, the Queensland price points in whether
Speaker 3: it's in the capital city or in the regional don't
Speaker 3: really align to what the market's doing at the moment.
Speaker 3: So really you can't even buy in the Queensland capital
Speaker 3: or in regional places in a lot of spots with
Speaker 3: their price caps. So they're just stuck being eligible for
Speaker 3: the grant but not being able to access it.
Speaker 1: What advice are you giving your clients?
Speaker 3: Look, I mean, at the moment, I'm saying that there
Speaker 3: has been promises that this will change. Unfortunately, not sure
Speaker 3: where that's going. I mean, even if you're looking in
Speaker 3: the Sydney markets now for a first home ownty and
Speaker 3: there's not much you can get for nine hundred thousand,
Speaker 3: and then when you have to afford nine hundred thousand,
Speaker 3: the income threshold cuts them out from being able to
Speaker 3: afford that price loan. So in a lot of markets
Speaker 3: around Australia, it doesn't make sense with the policies that
Speaker 3: are currently in place to enable the clients to get
Speaker 3: into their first time But.
Speaker 1: As you say, the lower end of the housing market's
Speaker 1: still strong in many areas, isn't it.
Speaker 3: It is, and that's one of the problems as well.
Speaker 3: So with the lower end is probably where we're seeing
Speaker 3: more growth. But as rates come down over the next
Speaker 3: six months, that lower end is where there's going to
Speaker 3: be more demand, which means those prices are increasing. So
Speaker 3: the longer it takes until these changes come in, the
Speaker 3: potential that clients are paying more or they might even
Speaker 3: move outside of that threshold again to be able to buy.
Speaker 1: And it's hard to say this without looking into a
Speaker 1: crystal ball, but do you think that any of these
Speaker 1: promises will come to fruition.
Speaker 3: Look, I'm absolutely hoping that it does because they have
Speaker 3: let Australians elect them with these promises and to not
Speaker 3: deliver to first home owners, and with so many younger
Speaker 3: Astralian's coming up and wanting to buy and being the
Speaker 3: voting majority now, it'd be crazy not to follow through
Speaker 3: on some of these promises that they've said will be there.
Speaker 1: If anybody wants some more advice on this, where would
Speaker 1: they go.
Speaker 3: Housing Australia is probably the main like that's who runs
Speaker 3: all of these grants, so that's probably where you can
Speaker 3: get the main information on the grants. There is a
Speaker 3: lot of information online, I mean on the label website.
Speaker 3: You can see their promises, but we can't see what's
Speaker 3: actually followed through yet.
Speaker 2: So Housing Australia website is the best one.