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Regional Victoria’s most affordable suburbs primed for growth
The most affordable suburb was determined to be Stawell, offering median house prices of $175,000, which REIV CEO Gil King said was less than half the regional median house price of $396,500.
“This was closely followed by a number of towns in the La Trobe Valley in Gippsland, including Morwell where buyers can enter the market for a median price of $180,000,” Mr King said.
Following this was Moe at $185,750, Churchill at $186,00, Maryborough at $200,000, Newborough at $215,000, Benalla at $219,500 and Red Cliffs at $227,000.
“Buyers on a budget should also consider towns in the western districts, including Horsham and Ararat where the median house price is less than $230,000,” Mr King said.
Mr King also recommended for first home buyers to take advantage of various government incentives, which include removal of stamp duty for homes under $600,000.
“First home buyers purchasing a newly built home under $750,000 may also be eligible for the First Home Owners Grant, which is currently $20,000,” he said.
Additionally, there is also the HomesVic shared equity scheme, which is an option for individual buyers making less than $75,000 a year or couples making a combined $95,000.
“The pilot scheme requires prospective purchasers to have at least a 5 per cent deposit, with the government funding up to 25 per cent of the purchase price. The government will recover its proportional share of the property on sale,” he explained.
