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New Victorian government figures show that more than 17,000 first home buyers have benefitted from stamp duty exemptions and concessions since their introduction last July.
Almost 14,000 first home buyers paid no stamp duty over the past either months, whilst a further 3,200 first homebuyers received reductions under the scheme, according to the REIV.
Gil King, CEO of REIV said that the data also showed that Victorians were increasingly choosing to buy in regional Victoria.
“The figures showed that out of the 2,000 Victorians that took advantage of the First Home Owner Grant 1,285 of them were in regional areas,” he said.
The grant is available to 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.
Mr King said that the latest REIV data showed that regional Victoria is a smart area to invest in for first homebuyer.
“The majority of towns [in regional Victoria] have median house prices below the $600,000 bracket required for the removal of stamp duty,” he said.
These figures even included large regional centres like Bendigo and Ballart as well as areas within commuting distance to Melbourne.
Last year Bendigo recorded a median house price of $370,000 while Ballart had a median for $414,000.
First homebuyers could also purchase homes under the bracket in several Geelong suburbs including Corio, Armstrong Creek, North Geelong and Belmont.
There were even options around Melbourne that would allow people to own a home and commute to the city said Mr King.
“For Melbourne commuters there were multiple towns that would enable first homebuyers to take advantage of the stamp duty removal,” said Mr King.
Wallan on Melbourne’s outskirts had a median price of $430,000 and Kilmore, 60km north of Melbourne, was another town that offered affordability with a median of $402,500.
Bacchus March and Kinglake both within 60km of the city also were within reach for first homebuyers with prices of $422,500 and $490,000 respectively.
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