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REIA Proposals Directed at First Home Buyers

By Jamil Allouche

First home buyers interested in purchasing property in Brunswick or other popular Melbourne suburbs like Carlton or Coburg may be interested by a recent submission made to the government by the Real Estate Institute of Australia (REIA), the details of which were announced in a January 31 media release.

The REIA has encouraged the government to "act on housing affordability and to stem the rapid decline in the number of first home buyers."

REIA President Peter Bushby outlined ten proposals that are "aimed at contributing to Australia's continuing economic development and productivity."

These proposals included annually reviewing the First Home Owner Grant amount so that it remains relative to house prices.

Giving buyers access to their superannuation to purchase a home was another suggestion.

Those considering investing in real estate in Brunswick may also be interested by the proposals, which have been put forward ahead of the preparation of the 2014/15 government budget. 

REIA suggested that Capital Gains Tax should not be increased on property investments, which would help bring down any financial hurdles related to investments.

If you're thinking about buying real estate as a first time homeowner or an investor, the Reserve Bank of Australia's February 4 decision to keep the cash rate at 2.5 per cent does provide opportunity for securing affordable property loans.

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