First Home Buyers Receive Budget Boost

Under a number of new initiatives announced by the government in the 2021-22 Federal Budget overnight, first home buyers are set to be offered a helping hand.

As property prices rise at the fastest month-on-month rate in 33-years, Treasurer Josh Frydenberg has announced three key measures designed to assist those looking to get a foothold in the Australian property market.

The government’s already existing first home buyer’s scheme will be boosted by another 10,000 places. This sees buyers only need a 5% deposit to secure a home. The other 15% needed to avoid paying the lender’s mortgage insurance (LMI) will be fronted up by the government, and eventually repaid.

Further, a new initiative sees single parents able to purchase a home with just 2% deposit. Named the Family Home Guarantee, eligible single parents will be able to build a new home or purchase an existing home with a minimal deposit. As above, places are limited – with applications to open from July 1, 2021 and will offer 10,000 places over four years.

Finally, the First Home Super Save Scheme will allow first-timers to access as much as $50,000 from their superannuation to purchase a house. The scheme has been expanded from the previous limits of $30,000

A Mid-Century Modern home in Carmel, California, hit the market on Friday for just the third time in 70 years with a listing price of $4.25 million.

Located in the community of Carmel Highlands, the house is just steps from the coastline and comes with private beach access, according to the listing with Tim Allen of Coldwell Banker Realty in Northern California. Allen was not immediately available for comment.

The property last changed hands in 2010 when Hollywood screenwriter Richard Outten bought it for $990,000, public records show. Outten penned the screenplays for the 1992 movie “Pet Sematary Two” and the 1987 film “Lionheart,” and created the story for the 2012 “Journey to the Center of the Earth” sequel, “Journey 2: The Mysterious Island.” He was not immediately available for comment.

Built in 1953, the home’s mid-century charm has been preserved over the years while still being updated for modern living. Interior details include wood paneling, exposed-brick walls and beamed ceilings.

The single-level house has 1,785 square feet, which includes three bedrooms and two full bathrooms. Though not directly on the water, large windows flanking the adobe-brick, wood-burning fireplace look out at the ocean.

Sliding glass doors create a seamless flow between indoor and outdoor living. Outside, there’s a large patio surrounded by lush landscaping, and there are also meandering paths through sustainable succulent gardens, according to the listing.

In addition to its close proximity to the beach, the home is a 10-minute walk from downtown Carmel-by-the-Sea.

As of July, the median list price in Carmel is $3.1 million, up 8% from last year, even as active listings have increased 50% year over year, according to data from Realtor.com.

First Home Buyers Receive Budget Boost

The Federal Budget announces new initiatives for first-time buyers.

Owned by Richard Outten, who’s penned screenplays for films including “Pet Sematary Two” and “Lionheart,” this is only the third time the home has been on the market