First time buyers in Victoria to receive boost
First time buyers of new homes in Victoria will shortly be able to save almost $10,000 on their purchase, compared to those buying an existing property.
From July 1, Victorian new residential property buyers will be able to take advantage of grants and concessions to stamp duty.
Master Builders Australia have said that new buyers will now receive an average of $11,114 in stamp duty discounts and bonuses, which is over $3,000 more than what it was previously.
"Construction in Bendigo has been steady in recent years and measures like this will help stimulate further activity," MBA deputy executive director Radley de Silva said.
The Real Estate Institute of Australia (REIA) believes more can be done for first time buyers as the numbers of this group of home owners has slipped significantly.
"The impact of the decisions by the state governments is clear in the plummeting number of first home buyers. Despite cuts in the official interest rate by the RBA to levels not seen for decades, the proportion of first home buyers decreased to 14.2 per cent in March 2013," explained REIA president Peter Bushby.
"Incentivising first home buyers to purchase newly constructed homes is a win-win situation for the local economy. More people will be able to afford a home and more builders will remain viable," concluded Mr de Silva.