Victorian first time buyers have been eagerly awaiting the start of the new financial year to buy their first home and with good reason.
As of July 1, 2017 first home buyers purchasing a property for under $600,000 are except from paying stamp duty. That’s a massive potential saving of up to $31k! What a great boost to the deposit that’ll be.
The theory is that first home buyers previously locked out of the market will at long last have a competitive edge over cashed-up investors. It is expected around 25,000 Victorian first home buyers will benefit yearly from the reform.
For the first full week since the changes have come into effect a 77% auction clearance rate was recorded for the week ending Sunday July 9 for Victoria, compared to 75% this time last year suggesting first home buyers are getting out there in force.
To put these changes in perspective and help you plan out weekend inspections, here are some of the best homes from around Greater Melbourne currently listed for under $600,000 and how much first home buyers are set to potentially save.
Bayside beauty, Frankston
Price range: $500-550k
Stamp duty saving: $24,970
This neat three bedroom property has everything a first home buyer could wish for and more. Situated a 10 minute drive from the beach in a quiet court, the home features three bedrooms, timber floors, a study nook, cooling and heating, a large backyard and freshly renovated bathroom. It’s also a great investment for the future, with the potential to subdivide the site for dual occupancy purposes (subject to council approval).
Wonderfully updated weatherboard, Noble Park
Price range: $410-450k
Stamp duty saving: $18,970
One of only two residences on the block, this quaint two bedroom freestanding weatherboard is the low-maintenance move-in ready jewel many first-time buyers have been searching for. The light and bright kitchen, meals and living areas are surprisingly spacious, and buyers will love the opportunity to convert the formal dining room into a third bedroom. The corner spa bath in the bathroom is also a nice bonus!
Nifty new build, Chelsea Heights
Price range: $440-480k
Stamp duty saving: $20,770
This stylish two bedroom near new single level townhouse is the perfect low-maintenance first home. Buyers will love the sleek kitchen finishes, entertainer’s deck, open plan living, ducted heating and proximity to the beach, shops and schools.
Country town feel, Werribee
Price range: $410-$450k
Stamp duty saving: $18,970
Ideal for first home buyers looking to get away from the hustle and bustle of city living (but only 35 minutes outside the city). Positioned on a 552sqm grassy block, this cute three-bedroom residence offers its future owners ample space to indulge their green thumbs. Perfectly positioned within 1.7km to Werribee train station, Werribee River, and local schools and shops, the home’s location offers a convenient and affordable lifestyle.
Family abode with pool, Kurunjang
Price range: $459k-$479k
Stamp duty saving: $20,710
A quintessential family home in a quiet court, close to schools, parks and shops. The 774sqm property consists of four bedrooms, two bathrooms, a pergola, rumpus room, intercom and security system, double car garage and best of all an in-ground swimming pool.
Spacious family luxury, Melton West
Price range: $529-$559k
Stamp duty saving: $28,610
Billed as ‘An entertainer’s dream’ this impressive residence could easily serve as someone’s first and forever home. Featuring four bedrooms, two living areas, stone benchtops, a walk-in pantry, an outdoor entertaining area, double shower in the master ensuite, tinted windows, intercom system, inbuilt speakers, ducted vacuum, ducted heating, NBN and remote controlled garage, clearly no expense was spared on the build.
Functional living with huge yard, Wallan
Price range: $489-$519k
Stamp duty saving: $23,110
Set on a massive 873sqm block, this sizeable four bedroom, two bath home, is a luxurious buying opportunity first home buyers don’t come across every day. Situated in one of Wallan’s most sought after estates, the home is perfect for growing families. It includes a two-car garage, walk-in kitchen pantry, ensuited master bedroom with walk-in robe and entertaining deck.
Federation style charmer, Cragieburn
Price range: $500-530k
Stamp duty saving: $23,770
This sweet federation look Hotondo built home has all the creature comforts anyone could need plus a few nice bonuses. With three large bedrooms, a gas log fireplace, a spa bath, ducted heating, evaporative cooling, a shed, double car garage, a massive covered entertaining patio with BBQ, a cubby house, water tanks and golf course views, this home really does have it all!
We hope the new stamp duty concessions successfully put you on the path to getting into your first home sooner. For more tips check out our advice for buying your first home, negotiating as a first time buyer, and how to save for a deposit as efficiently as possible.
Happy house hunting!