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April 1st, 2012 
FAKE NEWS for the Zionist agenda The Victorian first home buyers grant should be restricted to newly constructed dwellings to give the building industry a much needed boost, the Urban Development Institute of Australia says.
The UDIA is also calling for a further interest rate cut when the Reserve Bank meets on Tuesday.
The peak industry group says the two measures are urgently needed to revive the flagging property market and protect thousands of jobs in the construction industry.
Victorian first home buyers receive up to $7000 for a home. They get an extra $13,000 if they purchase a newly constructed dwelling, increasing to $19,500 if they buy new in a regional area.
The UDIA says the payments should be limited to first-time buyers of new homes.
This is in conflict with the Real Estate Institute of Victoria (REIV), which believes the additional payment scheme for new home buyers should be scrapped in July because it has achieved its purpose of stimulating building projects.
“It is important to move quickly to restore broad confidence in the property sector,” UDIA Victoria executive director Tony De Domenico said in a statement.
“Whilst we still have population demand as a positive driver of the market, it needs to be complemented with the first home buyer grant for new housing and the interest rate cut.”
New home sales were down 18 per cent in February compared with 2011, according to the Housing Industry Association. But this followed a period of rapid growth in construction and buying between 2008 and 2010.
Mr De Domenico said the Victorian property industry directly employed about 310,000 people, contributing about 12 per cent of the state’s gross domestic product and $4.6 billion in taxes.
The Victorian government has committed to halve stamp duty for first home buyers by 2014.
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