Victorian First Home Buyers save over a billion dollars in two years

Stamp duty concessions and first home owner grants are to thank for Victorian first home buyers’ mega saving of over a billion dollars in the past two years.

New data has just been released that shows more than 62,000 Victorians claimed stamp duty concessions and exemptions for a home purchased under $750,000, which results in a $1.1 billion saving since the rates were slashed back in 2017.

Another statistic showed that more than 17,000 home buyers utilised Victoria’s First Home Owner Grant of $10-20,000, which has saved new home owners $238 million.

“We know how tough it can be to buy your first house – that’s why we’ve slashed stamp duty to tackle housing affordability. In just two years, our changes have helped tens of thousands of Victorians get a foothold in the property market, so they can enjoy the comfort and security of their own home.”

Treasurer Tim Pallas

First home buyers have been entering the market at a steady increase since the changes, with more predicted to make purchases in Q3 and Q4 of this year following the substantial interest rate cuts.

The Victorian Government has also released a summary of the top postcodes for first home buyers:

• 3064: Craigieburn, Donnybrook, Roxburgh Park, Kalkallo, Mickleham
• 3029: Hoppers Crossing, Tarneit, TRUGANINA
• 3030: Cocoroc, Point Cook, Quandong, Werribee, Werribee South
• 3978: Cardinia, Clyde, Clyde North
• 3977: Cranbourne, Cannons Creek, Botanic Ridge, Devon Meadows, Skye, Junction Village, Sandhurst
• 3810: Pakenham South, Pakenham, Rythdale, Pakenham Upper
• 3338: MELTON SOUTH, Exford, Cobblebank, Eyensbury, Weir Views, Strathtulloh, Brookfield
• 3024: Manor Lakes, Mambourin, Wyndham Vale, Mount Cottrell, Fieldstone
• 3350: Ballarat (all variations), Bakery Hill, Alfredton, Nerrina, Newington, Redan, Soldiers Hill, Lucas, Mount Clear, Mount Helen, Mount Pleasant, Eureka, Golden Point, Invermay Park, Lake Wendouree, Black Hill
• 3754: Doreen, Mernda

HomeVic is another incentive introduced by the Labor Government which aims to assist first home buyers entering the property market by offering a shared equity arrangement, meaning the government will own a 25% share of the property.

Lead image credit: Condé Nast Traveler