New $8,500 grant up for grabs

While first home buyer grants are set to be reduced and then phased out for established properties, all buyers can benefit with an $8,500 grant available.

In combination with other available grants (and stamp duty concessions on off-the-plan apartments) first time buyers may be able to take advantage of $39,830 in savings. Stamp duty concessions on off-the-plan apartments are available to all buyers.

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The first home buyer grant will be reduced to $5,000 in 2013, and will end on 30 June 2014.

"The number of new homes built in SA declined by 18 per cent in the past financial year," Mr Weatherill said of the reasons for the grant.

"The property market is soft and the housing construction industry is doing it tough."

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