Property owners who currently have a Sydney home loan may be keen to explore their options outside the New South Wales capital thanks to the O’Farrell government’s new Regional Relocation Bill.
The new bill, which was recently introduced to parliament, will see metropolitan homeowners offered a $7,000 incentive if they sell their Sydney home to make a subsequent property purchase in a designated regional or rural centre.
Calling the initiative “incredibly practical”, Real Estate Institute of New South Wales president Wayne Swan asserted that the initiative could “free up” valuable housing stock in Australia’s largest city.
“This means we can start addressing the housing availability crisis virtually immediately,” he said.
Furthermore, the institute claimed, the initiative will improve the economy of a number of the state’s regional centres.
Recent research released by the Grattan Institute indicated that people who are considering a new home loan in Sydney or Melbourne may have to make compromises when it comes to property.
The report, titled The Housing We’d Choose, indicated that many people have to make sacrifices on their so-called property wish-list – such as the size or type of home they live in – in order to live in a desirable area.