John McGrath says Mr Fluffy provided significant boost to ACT market

John McGrath says Mr Fluffy provided significant boost to ACT market
John McGrath says Mr Fluffy provided significant boost to ACT market

Estate agent John McGrath has bought into the Mr Fluffy controversy.

In an analysis on the Canberra housing market he noted the ‘Mr Fluffy’ buyback scheme, under which the government is buying back homes contaminated by loose-fill asbestos, had provided "a significant boost" to the market. 

Of the 1,022 homes affected, 1,014 are participating in the scheme. 

"Home owners have been well-paid for their asbestos-ridden homes, and with the additional benefit of a stamp duty credit on their next purchase, they have had a significant advantage over other buyers," he blogged on the Switzer website.

John McGrath noted most Mr Fluffy home owners had sought to buy back into the same areas.

"But some have taken the opportunity to move from older outlying suburbs into the blue-chip Inner North and Inner South, or the Gungahlin region where brand new suburbs, houses and amenities are very appealing."

His column has drawn criticism from a reader that every "Fluffy owner I know is significantly out of pocket and worse off, both financially and mentally for having to give up their asbestos ridden home."

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Canberra Mr Fluffy

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