Stamp duty in Victoria is set to be halved for some buyers, according to the state government.
Almost 15,000 first home buyers in Victoria have taken advantage of 20 per cent stamp duty cuts, with more than $40 million spent by the state government in the last financial year on these initiatives.
Treasurer Kim Wells yesterday said that from 1 January 2013, the total stamp duty cost would be reduced by 30 per cent for eligible first home buyers.
These reductions will be continued to 50 per cent by September 2014, "saving first home buyers up to $15,535," said Mr Wells.
"We understand that it can be tough going to get a foothold in the housing market, which is why we are investing significantly in support for first home buyers," he said.
He also pointed to a weaker housing market at present making conditions ideal for first time investors, with growth ahead.
“Victoria's property market is still strong but it has slowed in the past few years, making it an ideal time for first time buyers to enter the market," he said.
"Consumer sentiment also seems to be on the rebound, with new figures last week showing Victoria was the only state in Australia where consumer sentiment increased."