SA budget to offer savings for first home buyers

But yeah, the government has relaxed the rules this year will for those who may potentially be paying a stamp duty. Now, last year we saw those who would be entering the housing market hit with a cap of about $650,000 who would be looking to buy a new home. That has now been waived this year altogether. Now that is for those who would be looking to buy a brand new home that is a new build and of course, be a first home buyer. The government believes this will benefit about 300 people a year, which is significantly less than forecast when the concept came about last year. The treasurer blaming rising interest rates. And soaring house prices for the slow uptake. This is a policy the government believes will help tackle Adelaide's housing crisis by encouraging more people to build homes. More pressure will be placed on prices, although those buying an existing home won't get any relief. The only serious way that you address a housing crisis is to increase housing supply. So we're going to abolish a tax that holds back the building of more supply by getting rid of stamp duty for new builds for first home buyers. Most fresh home buyers buy existing properties, usually lower value units. We believe that providing relief. We suggested $10,000. Now Will, half a billion dollars is also being spent on two housing developments. One is in Seaton and the other is in Oarlunga. The aim is to boost housing supply. Well, alright, Ollie Hay, thank you.