Liverpool is Most Buyers’ First Love

A pocket of southwestern Sydney is the most popular for purchasers using the first home owners grant.

More than 500 people using the government grant have bought in the 2170 Liverpool postcode in the past year.

And since the grant was introduced in 2000 to offset the effect of GST, more than 11,000 first-time home buyers have taken advantage of it to get their feet on the property ladder.

The median Liverpool house price is $740,000, with the median unit price at $440,000.

Westmead and Campbelltown were the next most popular first homebuyer hot spots in NSW.

First-time buyers continue to tap into the home purchasing help, with 2300 of the grants doled out across the state in March.

The average first-time buyer in NSW spends about $465,000 on their purchase, based on the commonly expected 20 per cent deposit, and ABS data showing a typical $387,000 NSW mortgage.

The mortgages are higher in Victoria ($359,000) and Queensland ($300,000).

The ABS data also highlights the price gap between capital cities and the regions.

Detached house prices in Sydney sit about a $900,000 median, with houses in the rest of NSW coming in at $466,000.

It is $700,000 for Sydney attached dwellings (terraces, semi and units), with the rest of NSW having a $405,000 median attached dwelling purchase price.

PM Scott Morrison’s new deposit scheme is likely to attract buyers to think about heading to the regions and or into apartments in the city.

Urban Taskforce chief executive Chris Johnson said the average unit in Sydney is likely going to be $400,000 cheaper than the average house.

Article originally published in The Daily Telegraph.

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