CUTS to grants and stamp duty exemptions for first-home buyers have been cited as among the reasons hundreds of first-home buyers have been shut out of the Fairfield property markets.
State figures reveal the number of families and couples who received the first home owners grant in the Fairfield market dropped from 184 a month in December, 2011 to 52 in December, 2012.
Similarly, the number of people in the Fairfield area who received stamp duty exemptions worth up to $17,990 dropped from 280 to 26.
Cabramatta MP Nick Lalich said this meant state government funding assistance for first-home buyers had been cut by $3.9 million a month.
‘‘In just two years since coming to office, the O’Farrell government has axed the $7000 first home owners grant for anyone purchasing an existing home, and dumped stamp duty exemptions for first-home buyers,’’ he said.
Fairfield MP Guy Zangari said a whole generation of young families would be locked out of the property market. The $7000 first-home owner grant was replaced by the $15,000 First Home Owner Grant (New Homes) scheme in October.
First-home owners who buy or build a new home are eligible for the $15,000 grant.
The grant will reduce to $10,000 on January 1.