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The Real Estate Institute of Victoria has applauded the federal government’s decision to widen the first home buyers scheme, noting the “amazing benefits” it’s set to create in the state.
Earlier this week, Treasurer Josh Frydenberg confirmed the scheme will be widened to encourage first home buyers on lower incomes to enter the property market with a deposit of just 5 per cent.
In a statement responding to the news, REIV said in Melbourne and Geelong, a 5 per cent deposit will mean that a potential homeowner would only need to save $30,000 to purchase a property worth $600,000.
While across regional Victoria, first home buyers grants are capped to homes worth $375,000, it noted.
REIV CEO Gil King said the recent announcement had created a lot of excitement across Victoria’s real estate sector.
“Our market will be boosted by new buyers, meaning further transactions in our community,” Mr King said.
“This week’s news brought a lot of smiles to the faces of those involved in Victorian real estate.
“The Victorian real estate sector is already in healthy shape, the recent REIV median figures for the September quarter prove that our market is bouncing back, with Melbourne’s growth of 4.5 per cent being the highest quarterly result since March 2017.”
“The expanded first home buyers scheme comes into effect in January 2020, and will make it a lot easier for buyers looking to get into the rapidly growing markets in Melbourne and Geelong.
“Right now is an amazing time for local sellers, with an increase in buyers we will need a lot more homes on the market. If you were tossing up selling your home, now is the perfect time to do so.”