This was the title of a press release that we sent out in early February. the point of the press release was to advise that the market was going to go into shock when it came to the number of first home buyers hitting the market with the anticipated end date of the boosted First Home owners grant. Needless to say, we were spot on and probably the first to predict it, although a fairly obvious predicition. We had coverage on Channel 9 news and in a number of local papers such as the North Shore Times in Sydney.

We predicited this was going to occur based on the grant expiring, rent becoming more expensive then mortgage repayments in some areas and very low interet rates. Our predicitons were confirmed with agents and developers over the last 2 months stating that anything under $600,000 was flying out the door. The rush was on from First home buyers to secure a property before the grant expired. Further to this the banks have been making it difficult for some as lending criteria has changed and the huge demand for new loan applications has slowed banks cycles rates dramtically.

Now we will wait to see how the Government reacts to what has occured since October 08 and what adjustments if any they will make to the boosted FHBG.