First home buyers expansion is great news for Victorian real estate: REIV's Gil King

First home buyers expansion is great news for Victorian real estate: REIV's Gil King
Staff reporterDecember 7, 2020

The Federal Government’s decision to widen the first home buyers scheme will have amazing benefits to Victorian real estate.

The Real Estate Institute of Victoria has welcomed the plan unveiled on Sunday by Treasurer Josh Frydenberg, which will encourage first-home buyers on lower incomes to enter the property market with a deposit of just 5 per cent.

In Melbourne and Geelong, a 5 per cent deposit will mean that a potential homeowner would only need to save $30,000 to purchase a property worth $600,000.

While across regional Victoria, first home buyers grants are capped to homes worth $375,000.

Sunday’s announcement had created a lot of excitement across Victoria’s real estate sector.

Our market will be boosted by new buyers, meaning further transactions in our community.

This week’s news brought a lot of smiles to the faces of those involved in Victorian Real Estate.

The Victorian real estate sector is already in healthy shape, the recent REIV Median figures for the September Quarter proving that our market is bouncing back, with Melbourne’s growth of 4.5% being the highest quarterly result since March 2017.

The expanded First Home Buyers scheme comes into effect in January 2020, will make it a lot easier for buyers looking to get into the rapidly growing markets in Melbourne and Geelong.

Right now, is an amazing time for local sellers, with an increase in buyers we will need a lot more homes on the market.

If you were tossing up selling your home, now is the perfect time to do so.


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