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Property News

REIV: Now a good time to buy in Victoria

December 08, 2011

The Real Estate Institute of Victoria (REIV) suggested that now is a good time for families to buy their first home because of the state government initiative to discount stamp duty for first home buyers.

Lower house prices in today's market will also improve affordability, the organisation said.

Premier Ted Baillieu announced in November that as a result of the 20 per cent discount on stamp duty that his government offered first home buyers, approximately 4,000 Victorians had purchased a home since the policy came into effect in July - with the majority located in metropolitan areas.

And according to state treasurer Kim Wells, more help with stamp duty is on its way.

By January of 2014, first home-buyers would save 50 per cent, he said.

As suggested by the REIV, more good news for first home buyers in the Victorian market is that house prices in Melbourne have dropped in the ten months leading to October of this year.

According to RP Data's director of research Tim Lawless: ''Melbourne dwellings have corrected negative 5.8 per cent after a very strong 25 to 30 per cent capital growth in the year 2009-10.''

The fact that some lenders - including Melbourne-based ANZ and National Australia Bank - have passed on the Reserve Bank's base rate cut in full may also act as a sweetener for some prospective buyers.

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