First homebuyer opportunity

New state government figures show more than 17,000 first homebuyers have benefitted from stamp duty exemptions and concessions since their introduction last July.

Almost 14,000 first time buyers paid no stamp duty over the past eight months, while a further 3,200 first homebuyers received stamp duty reductions under the scheme.

In addition, more than 2,000 Victorians have taken advantage of the First Home Owner Grant, including 1,285 buyers in regional areas where the grant was doubled to $20,000.

The First Home Owner Grant is available for first homebuyers purchasing newly built homes under $750,000, whereas the removal of stamp duty applies to both new and established homes under $600,000.

Regional Victoria is ideal for first homebuyers with the latest REIV data showing the vast majority of towns have median house prices below the $600,000 bracket required for the removal of stamp duty. This includes the regional cities of Bendigo and Ballarat as well as a number of areas within commuting distance of the city.

In the year to December 31, Bendigo recorded a median house price of $370,000 while buyers could purchase a home in Ballarat Central for a median of $414,000.

First homebuyers could also purchase homes under the $600,000 barrier in a number of Greater Geelong suburbs including Corio ($311,000), Armstrong Creek ($441,500), North Geelong ($435,000) and Belmont ($502,000).

Multiple towns within commuting distance of the city also recorded median prices below the $600,000 threshold, including Wallan on Melbourne’s outskirts which has a median house price of $430,000.

Bacchus Marsh and Kinglake were also within reach for many first-time buyers with median house prices of $422,500 and $490,000 respectively. Bacchus Marsh is 57 kilometres north west of Melbourne while Kinglake is just 46 kilometres north-east of the city.

Located 60 kilometres north of Melbourne, Kilmore is another regional town that offers affordability for first homebuyers with a median house price of $402,500.

For more median house prices by town or region, head to reiv.com.au/market-insights.