According to the announcement from the Commonwealth, first home buyers now receive an automatic doubling of the First Home Owners Grant to $14,000. First home buyers building their first home receive an additional $7,000 raising their grant to $21,000.

As with other grants, there are of course certain requirements to meet. Eligible buyers will need to enter into a contract before June 30, 2009 to receive the increased payments. In the case of new property, as long as there is a valid contract to purchase, the home will not have to be completed by that date.

There are no income or assets tests to qualify for the benefits.

Some quarters say this move will drive up prices, but others disagree because of current uncertain economic conditions.

With interest rates and prices falling, now is the time to look into those first home buyers grants.

Our readers may wish to check the First Home website of the government to see if you are eligible.

Global Property Guide (www.globalpropertyguide.com) has reported that in most countries in Europe, major real house price falls occurred during the year to end of Q1 2008. Ireland had a fall of 13.2%.

US prices were also reported to have declined during the year to end of Q1, by -4.2% to -18.1% adjusted after inflation.

On the other hand, strong house prices increases were observed in a handful of emerging economies. Ahead of the pack was China (Shanghai), with an enormous 40.5% nominal house price surge during the year to the end of Q1 2008.

Other countries with impressive nominal house price increases year-on-year to end-Q1 2008 were Bulgaria (31.6%), Hong Kong (31.1%), and Singapore (29.8%). Strong house price gains also took place in Cyprus, Australia and Taiwan.

Again, when adjusted for inflation, many of these price rises look much less impressive. The world’s top-performing housing market (after inflation) was not China or Hong Kong or Singapore, but Slovakia, where real house prices rose by 29.3%.