Victoria a buyer's market
Victoria first time buyers are benefiting from a $40 million government initiative to help more people get a foot on the property ladder.
State treasurer Kim Wells said almost 15,000 Victorians had benefited from the residential property scheme, which has seen stamp duty rates cut by 20 per cent.
"We understand that it can be tough going to get a foothold in the housing market, which is why we are investing significantly in support for first home buyer," Mr Wells explained.
For those looking to enter the Victorian real estate sector, the financial savings are due to increase from January next year, with stamp duty reduced to 30 per cent for those purchasing their first dwelling.
By September 2014, first home buyers can expect to save up to $15,535 as stamp duty rates are halved.
Mr Wells said the state was very much a buyer's market, with low property prices combined with the low stamp duty rates making it the ideal time to purchase a first home.
"For some, these concessions are the difference between picking up a new set of keys and being locked out of the housing market," he added.
Building approvals were also strong across the state, with Victoria boasting a third of all approvals nationally in the year to June 2012.