Law helps first home buyers

Victorian Government amendments have given first home buyers a better chance at buying into the Australian dream.

The passage of the State Taxation Act Amendment Bill through Victorian Parliament last Thursday saw first home buyers handed a leg up as they try to break into the property market.
From Saturday 1 July stamp duty will be abolished for first home buyers on all homes up to $600,000. Stamp duty will also be cut for first homes valued up to $750,000.
Director of Peake Real Estate Kristen Turner said although it is “a big move” the news was expected and has prompted an immediate increase in the number of people at inspections.
“In the south-east we usually see about 15-20 groups attending inspections at the higher end of attendance, but we had 37 groups at an open home in Berwick last weekend,” she said.
Ms Turner said some “frenzied buying” is to be expected, which may cause some problems with supply and demand for the existing home market.
“For first home buyers now is probably the right time and they need not be nervous about it,” she said.
“As far as new homes go in emerging suburbs such as Officer, Beaconsfield, Drouin and Garfield, supply for homes is on track to keep up with demand.”
Ms Turner said any savings are big savings for people trying to buy into the Australian dream and own their own home.
In regional Victoria, help from the State Government will go even further with the First Home Owner Grant doubling to $20,000.
Off-the-plan stamp duty concessions for investment properties will also be abolished to further level the playing field for Victorians trying to buy their first home.
The amendments are expected to help up to 6000 first home buyers purchase a house, boost local construction jobs and development, and encourage more people to move to regional Victoria.