NO doubt lending itself to the regional property boom, the Government’s ‘Homes for Victorians package’ has seen thousands of first home buyers spared stamp duty costs over the past financial year.
Recently, a new milestone for first home buyer stamp duty discounts in Victoria was reached, with more than 100,000 first home buyers receiving the package since the scheme was introduced.
So far, 45,858 Victorians have benefitted from the Government’s First Home Owner Grant program to the value of over $50M. In general, approximately 28 per cent of all recipients of the first homebuyer concessions and exemptions have been in regional Victoria, accounting for nearly 20 percent of the total savings provided, despite the lack of available land here in the Greater Shepparton region.
“With the First Home Owners Grants and discounted stamp duty still available till mid-year contracts that meet the dealine, the interest in the region has not tapered off, and for those that are eligible, the biggest struggle is the availability of titled land,” Hotondo Homes Shepparton office manager and sales representative, Jody Mintern, said.
“I have spoken to a number of people that had given up on trying to buy established homes due to the high demand in the region, coming from people looking for a tree change and are wanting to build instead but are then meet with the lack of land issue also.”
The stamp duty waiver of up to 50 percent on residential property purchases applies to those with a value up to one million dollars and for contracts entered into up until July 1 2021.
