VIC residential construction sector enjoys 'boom time'
More and more Victorians are taking advantage of the state government's stamp duty concessions for first time buyers, recent figures suggest.
According to the latest data from the Australian Bureau of Statistics, Victoria boasted the largest number of residential building approvals in 2012, as well as the highest value of residential and non-residential approvals.
He explained: "The value of building approvals granted in Victoria in 2012 was more than $24 billion, an increase of 7.4 per cent compared to 2011.
"It is a significant achievement that Victoria, with only a quarter of the nation's population, accounts for a third of the number of buildings approved and 30 per cent of the value of work being undertaken across the country."
Mr Wells went on to say that the 30 per cent stamp duty reduction for eligible first-home-buyers introduced by the state government continues to stimulate growth in the residential sector.
Those who are contemplating purchasing real estate in Victoria may be spurred by increased concessions over the next 18 months.
By September 2014, a 50 per cent stamp duty reduction will be available to those buying their first home - saving up $15,535 on a home worth $600,000.