New incentives aimed at helping first home buyers get into the market have seen a strong take-up in Greater Shepparton.
Almost 300 new home buyers in that local government area have benefited from the exemption of stamp duty — at an average saving of more than $9000 per transaction.
The saving is available for first home buyers purchasing a home with a value of $600000 or less, and has been a game changer for many younger buyers.
They include electrician Steven Valentin, who will collect the keys to his new home on Monday.
For him, saving close to $10000 on a stamp duty exemption has enabled him to enter the market earlier than he would otherwise have been able to.
It has already made a difference to hundreds of people, and for those looking to buy their first home, $10000 is a significant amount of money.
When buying a home, it is not only a matter of saving 10 or 20 per cent of the purchase price for a deposit, there is plenty of other costs that come up during the process.
These include such expenses as legal costs, moving expenses, building and pest inspections.
If you were to add stamp duty to that, it adds up to something quite significant.
So it is great to see many people taking advantage of the exemption, which is just one incentive gaining momentum in Victoria at the moment.
Another is the first home owner grant that is available to people who buy or build a new home in regional Victoria, that was recently doubled, to $20000.
It also highlights a great benefit of regional living and affordability, when compared to Melbourne.
As house prices closer to the state’s capital dictate, first home buyers living regionally have significantly more opportunity to enter the market so much earlier.
For a prospective first home buyer on a moderate income looking to enter the market in the metropolitan area, it is often just not a realistic possibility.
Incentives such as the stamp duty exemption and first home buyer grant rewards first home buyers for their discipline in saving, helps them enter the market earlier, and gives them an investment they can be rightly proud of.