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First-time buyers need a helping hand

By James Brown

Buying property in Morayfield for the first time isn't always easy, which is why one major group is making calls for reforms to improve people's chances of getting onto the ladder.

One of the steps suggested by the Real Estate Institute of Queensland (REIQ) is the abolition of stamp duty, which it believes could encourage further growth in the sector.

In addition, the body has recommended that first home owner grants should be reinstated to improve buyers' chances of being able to move into their first home.

"First home owner grants are an important form of financial assistance and there's no sound basis for the preferential treatment which currently exists for buyers who purchase newly built properties," said CEO of the REIQ Antonia Mercorella.

Another obstacle preventing people getting onto the ladder could be the inability to put together a deposit – something the group believes could be solved by granting access to superannuation.

This could prove effective if buyers are required to pay back the money they have borrowed within a certain time frame, indicated Ms Mercorella.

Property remains a key component of the Queensland real estate sector, which is why these changes are necessary to ensure it can continue to thrive.

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