March 06, 2017
Good news for Victorian first home buyers with the Premier Daniel Andrews announcing first home buyers will no longer have to pay stamp duty on properties up to $600,000 from 1 July 2017.
The changes are expected to benefit up to 25,000 first home buyers, resulting in a saving of up to $15,535.00 on a $600,000 purchased property.
Further stamp duty discounts will be applied on a sliding scale for first home purchases ranging between $600,000 and $750,000.
Regional first home buyers have also had the first home buyer grant increased from $10,000 to $20,000 for purchases of new homes up to $750,000.
In an attempt to increase supply of affordable housing, the state government has also announced the creation of 100,000 additional housing lots in areas to the north and west of Melbourne.
It remains to be seen whether the state government's measures will make housing more affordable for first home buyers. Economists have warned that first home buyer grants and stamp duty reductions have tended to push prices higher, however the increased supply of affordable housing lots make counter this.
To find out how these changes may affect your plans to purchase your first home, call us today on 03 9432 6070 or contact us online at the top of this page.