Buyers take advantage of home affordability high

Homebuyers at Peet estates around Australia are enjoying a choice of quality homesites and competitive prices, plus the most affordable housing since 2003.

Latest Real Estate Institute of Australia (REIA) statistics show Australia has the highest level of housing affordability in close to six years, with the proportion of family income required to meet loan repayments dropping to 28.6%.

Peet Limited Managing Director and CEO Brendan Gore said the news was reflected in strong interest from buyers at Peet estates around the country since the start of the year, especially first homebuyers benefiting from generous government grants.

“Peet has a range of affordable, quality homesites available at around 20 residential estates, in popular locations, throughout the country,” Mr Gore said

“Since the start of the year, we have seen hundreds of buyers taking advantage of the broad choice of homesites, low interest rates and buyer incentives on offer, to secure a new home.

“First homebuyers have been particularly active, with young investors using the grants to purchase their first homes while unprecedented incentives are available.”

First homebuyers who sign a contract to build a new home on or before 30 September 2009 could be eligible for a First Home Owners’ Boost (FHOB) of $14,000, plus another $7,000 in the First Home Owners Grant.

Between 1 October and 31 December 2009, the FHOB will be halved and first homebuyers can be eligible for $14,000 toward building their new home.

For more information about the homesites available at Peet estates around the country, visit www.peet.com.au.