11 August, 2011

NSW regional relocation grant proving a carrot for city slickers

It was introduced on 1 July 2011 but already metropolitan-based homeowners are warming to the NSW Government’s Regional Relocation Grant, according to leading property group Raine & Horne.

Raine & Horne Bowral reports that almost 10% of the 15,000 people who attended the Country & Regional Living Expo at Rosehill Racecourse from 5 - 7 August registered an interest in a Southern Highland’s property, with the regional relocation grant proving a driving factor.

The grant, which will operate for four years, until 30 June 2015, provides applicants with a one-off payment of $7000 to help with the expense of relocating from a metropolitan* property to a regional home not exceeding $600,000.

Raine & Horne Bowral principal Matthew Anstee said he was surprised by the reaction and interest from Sydneysiders in the regional relocation grant.

"We left the expo with 30 very hot leads," Mr Anstee said.

Apart from the strong enquiry levels, Raine & Horne Bowral secured a deposit from a retired couple from Sydney’s Northern Beaches for a brand new three bedroom apartment in the prestigious Bowral Apartment complex, at 184 -186 Victoria Street Bowral, valued at $580,000.

Raine & Horne Bowral and developer, Bowral Apartments, were the sole representatives of the Southern Highlands region at the expo, and worked closely with Tourism Southern Highlands.

“In addition to the $7,000 grant, there is no stamp duty on a brand new property like this, as it is under the $600,000 threshold,” Mr Anstee said.

Mr Anstee said white and blue collar job opportunities in the Southern Highlands were also attracting city-based buyers.

“We have a population of 52,000, which is growing, as well as strong mining and retail sectors that underpin this growth,” he said.

“Yet we have a shortage of lawyers, accountants and administration staff, which is a great opportunity for city-based professionals considering a lifestyle shift to this region, which is just 90 minutes from Sydney.”

In the Riverina, Stephen Millard from Raine & Horne Wagga Wagga, agreed that the relocation grant represented an excellent opportunity for young families and retirees considering a shift to strong regional centres.

“One of the great fears for those moving to regional centres is job opportunities," Mr Millard said.

"However, in Wagga Wagga we have a shortage of skilled labourers and professionals.

“This includes a deficit of legal and accounting professionals, as well as tradespeople, so people won’t have too many problems getting a job if they move to Wagga Wagga.

“Likewise they’ll find Wagga Wagga offers excellent value for money, with the median price for a three bedroom house on a 800 sqm block around $290,000,” he said.

In the New England area, the median three bedroom house price is also an affordable $310,000.

However, Raine & Horne Tamworth principal Bryan Bolitho, said this price tag secured a modest home.

“We recently sold a smart three bedroom home at Lot 11, Boulevard Place, Tamworth for $345,000, which came with an ensuite, ducted air conditioning and a double garage," Mr Bolitho said.

“As for job opportunities, the mines at Gunnedah and the agricultural sectors underpin employment in Tamworth.

Like his regional colleagues, Mr Bolitho also considers the Regional Relocation Grant an excellent opportunity for metropolitan city-based homeowners considering a lifestyle shift to regional NSW.

For more information about the Regional Relocation Grant, visit the website of the NSW Office of State Revenue at www.osr.nsw.gov.au/benefits/rrg/ or contact your local Raine & Horne agent at rh.com.au.

* Metropolitan areas include local government areas of Sydney, Blue Mountains, Hawkesbury, Gosford, Wyong, Wollondilly, Wollongong and Newcastle. Source http://www.osr.nsw.gov.au/benefits/rrg/

Raine & Horne is an iconic Australian property firm, with more than 360 offices worldwide. Also an established Superbrand along with Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Rural and Raine & Horne Financial.

-ENDS-

For further media information contact:

Matthew Anstee, Principal, Raine & Horne Bowral, 0400 555 088

Stephen Millard, Principal, Raine & Horne Wagga Wagga, 0428 211 556

Byran Bolitho, Principal Raine & Horne Tawworth, 0408 394 939

Anna Truman, National Marketing & Communications Co-ordinator, 02 9258 5448