YOUNG people in NSW will struggle to buy property with state government cuts to the first home buyers grants effectively locking them out of the market, the state opposition says.
Monthly loan figures for October, from the Australian Bureau of Statistics, show about seven per cent of loans taken to buy property were from first home buyers, shadow treasurer Michael Daley said.
In October 2010, the figure was around 17 per cent, he added.
"The disappointing figures follow (Premier) Barry O'Farrell's decision to dump the $7000 First Home Owner Grant and end stamp duty exemptions worth up to $17,990 for first home buyers purchasing existing homes," Mr Daley said.
"Instead, the government's New Home Grant Scheme has paid 9802 grants to property investors and existing home owners buying a second property - further putting first home buyers out of the market."
Under the changes, taxpayer's money is "assisting property speculators", Mr Daley said.
NSW treasurer Mike Baird said the government made the changes to increase the number of first home buyers purchasing new homes.
Grants for newly built homes are up 83 per cent in the six months to November compared to the same period in 2012, Mr Baird added.
A $15,000 grant, applicable for the next two years, is available to first homebuyers of new homes costing up to $650,000.
Stamp duty won't be charged on homes worth less than $550,000 and a reduced fee will be imposed upon those who purchase property for less than $650,000, Mr Baird said.
"Previous incentives to first homebuyers for existing properties simply increased mortgage sizes, as they increased demand without any boost to housing supply," Mr Baird said in a statement to AAP.
"We are unashamedly targeting first homebuyer incentives towards new homes."
The NSW property market, he said, was the best it had been for a decade.
"Increasing housing stock and choice will ease competition in the market and help to get more first homebuyers into the housing market sooner."
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