Victoria emerges as a buyers' market in 2013
Picking the right time to break into the residential property market is no easy feat, but for Victorian buyers, the new year presents favourable conditions.
As of January 1, first time buyers can take advantage of the state government's commitment to affordable housing through an increase in stamp duty savings to 30 per cent.
Treasurer Kim Wells said the concession boost means those in the market looking for their first home can expect to save up to $9,321 when purchasing property worth a maximum of $600,000.
And the savings are set to increase over the next year - potentially enticing more people into the market as a result.
"The concessional rate is now increasing to 30 per cent with two further reductions in 2014 to see stamp duty reduced by 50 per cent in the Coalition government's first term," Mr Wells said.
By September 2014, homebuyers can save up to $15,535 on a dwelling costing $600,000.
"The Coalition government understands how long it takes to save up for your first home and that massive stamp duty taxes are often the difference between the excitement of making a successful bid and the disappointment of being locked out of the property market."