Boost in older Victorian first time buyers taking up home ownership

New figures from the State Revenue Office of Victoria show 348 first time buyers in their 60s over the past two years

Boost in older Victorian first time buyers taking up home ownership
Boost in older Victorian first time buyers taking up home ownership

The latest figures from the State Revenue Office of Victoria show the number of Victorian first-home buyers aged 40-plus has doubled over the past two years.

There have been 6491 purchases made by buyers above that age.

There were 1233 in their 50s and 348 buyers in their 60s.

VICTORIAN FIRST-HOME BUYERS BY AGE

  • Under 20.................. 523
  • 20-24.................... 8633
  • 25-29.................. 15,774
  • 30-34.................. 12,139
  • 35-39.................... 6967
  • 40-44.................... 3259
  • 45-49..................... 1651
  • 50-54.......................812
  • 55-59....................... 421
  • 60+......................... 348

The data published by the Herald Sun indicated, they account for 13 per cent of the 50,527 first-home buyers who applied for a stamp duty concession or waiver between July 1, 2020, and February 28 this year.

There were just 3237 first timers aged 40 or older during the prior two year period.

Victorian Treasurer Tim Pallas said the figures showed the importance of never giving up.

“This data shows that it is never too late to buy your own home, and we’re proud to support Victorians of all ages to make their dream of owning a home a reality,” Mr Pallas said.

It was four years ago when the Victorian Treasurer said at the launch of CEDA’s Housing Australia research report that the state government's Our Homes for Victorians package involved shifting the balance back to first home buyers rather than investors, to alleviating homelessness and shoring up Victoria's housing stock for future generations.

Market commentators have noted the pension asset test was skewed towards home owners, which may be a small factor influencing the purchasing.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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First Home Buyer Elderly Victoria

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