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Having experienced this kind of policy in Australia; it’s great in theory - but the issue is that builders/sellers just ended up jacking up the prices of their homes to absorb the grant.
It's the reason colleges here are stupid expensive as well. Greed.
It still shifts the balance of power in favour of first time home buyers. Landlord fucks have to pay extra.
Watched the same thing happen on a smaller scale back when analog TV broadcasting was phased out and we got vouchers for digital TV tuners in America. They all cost around $25 or less. As soon as the vouchers were given out, the prices doubled to $50
Surely this is a well studied phenomenon with a name, right?
Pretty sure this is inflation
No. Inflation is a general increase in price/decrease in buying power per dollar. This is specifically about one class of item increasing in cost to absorb a government subsidy, especially when that subsidy was meant to alleviate a cost to the citizen.
Yup, this is just going to put an extra $25k from every sale into the builders’ pockets.
Ya'll are getting newly built homes?
I don’t think this is possible. First time home buyers aren’t buying in cash. They have to get bank loans and banks won’t loan if the appraisal doesn’t match the buying price.
Obviously I don’t know Australian law but at least in Texas this would prevent the house from closing.
What's the exact policy in Australia?
It varies a bit by state, but it usually only applies to new builds now: https://firsthome.gov.au/
Well there's the issue. Builders can control the amount of new builds to max out that $25k. They can't control the number of first time buyers though