The New South Wales Government last week released a media statement that announced their incentive scheme to lure Sydney city dwellers to the country. I would like to share with you some of the details, as mentioned in the Mudgee Guardian…
From this Friday (July 1st 2011), people moving from the city of Sydney to parts of regional NSW will receive a $7,000 grant. The grant is going to be on the table for four years however comes with conditions as most things do. The home purchased in regional NSW must be under $600,000, and the grant is only payable upon settlement of both the home in regional NSW and the sale of a home in metropolitan Sydney. The grant doesn’t apply to homes that are purchased as investments and must be the principal place of residence for at least 12 months.
Unfortunately for people renting in Sydney, the $7,000 grant doesn’t apply and therefore will not lure them to regional areas like Mudgee. For many people who do own real estate in Sydney, it will likely be those that can’t afford to keep up with their mortgage payments who find the incentive more enticing.
It is great to see the NSW Government meeting one of their election promises, we just hope it has the desired long term effect on townships like Mudgee and Gulgong. We know that Mudgee has some awesome things to offer new residents, and the infrastructure to sustain a growing population, so if you know of someone in Sydney that’s been thinking about moving to Mudgee, then now might be the perfect time to sell up and move to Mudgee.