Victorian property buyers to save money on homes
Those thinking of buying a house in Victoria are set to make savings in the process after the state ...
Those thinking of buying a house in Victoria are set to make savings in the process after the state government announced changes to the bushfire zones earlier this month.
This is great news for anyone buying land to build on, or looking to purchase existing residential properties in some of the more urban and regional areas in the state.
According to Matthew Guy, state planning minister, thousands of properties are going to be rezoned and removed from the bushfire risk list. There will also be a number of properties that will have their status updated on the list.
The decision was made after the state government reviewed the zones currently in place, and consulted municipal councils and fire services.
A total of 235,872 properties have been taken off the list, with 118,996 being added for the first time.
"Victoria must have best practice bushfire safety building regulations to protect life and property, but these regulations must always be reviewed and contemporised as our towns and cities grow," said Mr Guy.
"It is important to make sure bushfire prone areas are accurate, up to date and reflect conditions on the ground. As such this review of bushfire risk mapping has resulted in a net reduction of 116,876 properties included in bushfire regulations."
The areas that will see the highest rate of reductions will be Frankston at 11,700, Geelong at 13,198 and Ballarat at 10,755.
After these changes have been made, prospective residential property buyers and current home owners will be able to save on costs for Bushfire Attack Level assessments and through reduced property rates.
Master Builders Victoria has welcomed the government's decision, stating that it will help to improve housing affordability in the state.
"Today's announcement is a victory for housing affordability and will hopefully encourage more Victorians families to invest in a new home at a time when many homebuilders face a tough economy," said Master Builders Victoria Executive Director Brian Welch.
"Homebuyers across Victoria stand to save between $3,000 and $10,000 on the cost of a new home located on nearly 236,000 lots being removed from bushfire prone areas."
Furthermore, it's a push in the right direction for first time buyers who need all the financial help they can get to enter the property market. Reduced costs for building a first home will mean that they can better utilise the government-provided funding through the first home owner grant.