Aussie home prices have jumped by up to $50,000 in the past month, with panic buying sweeping the market as the Federal Government’s expanded Home Guarantee Scheme takes effect.

The scheme, which kicks off Wednesday, removes place and income limits and raises property price caps, allowing more first-home buyers to enter the market with a five per cent deposit and no Lenders Mortgage Insurance.

But Real Estate Buyers Agents Association of Australia (REBAA) president Melinda Jennison said the changes had already fuelled a frenzy.

“Properties that were selling for $750,000 last month are now selling for close to $800,000,” Ms Jennison said.

“Many buyers are reportedly panicking with some purchasing sight unseen or overpaying to secure a property before October 1.”

She warned that while t

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