First home buyers grant declined in New South Wales

The first home buyers grant was widely acknowledged and cheered by the people of New South Wales but it seems that there has been a downfall in the count of people who are being bestowed with this benefit. Last year, the New South Wales government gave a total amount of $15,000 as first home buyer grant to 7,800 people as compared to a total of 36,600 in 2011.
Market analysts stated that the reason behind this downfall might be due to the increasing level of competition that is brewing amongst foreign buyers. Furthermore, there have been lots of changes made to the original scheme as a result of which, a large part of the population of New South Wales is unable to reap the benefits that the scheme offers to them. Without a first home buyers grant, it is quite tough for people to shell out on expensive properties which are way beyond their budgets.