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REIA Budget Submissions Aim To Help First Home Buyers

By Andrew Bell

Prior to the government's 2014/15 budget, the Real Estate Institute of Australia (REIA) has proposed 10 potential developments that could help to change the real estate industry heading into the future.

Much of these points focus on helping first home buyers reclaim their place in the market, as well as aiding the improvement of housing affordability across the nation. This could be great news for anyone considering purchasing real estate in Surfers Paradise in the coming year.

REIA President Peter Bushby said the supply/demand imbalance should be at the centre of the budget, with the proposals aiming to help "Australia's continuing economic development and productivity". 

Among the suggestions was allowing first home buyers to access their superannuation funds to help them purchase property. Currently, self managed superannuation funds can only be used for real estate if the buyer doesn't occupy the property themselves, but instead uses it as an investment source for funding their retirement. 

Furthermore, the abolishment of stamp duty and annual reviews of First Home Owner Grant amounts, in order to remain relative to the current market prices, were also suggested. 

These changes could be great news for anyone looking to purchase Surfers Paradise property in the near future, especially as first home buyers. 

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