The key element of the latest first home buyer incentives is designed to encourage first-home buyers on lower incomes to enter the property market with a deposit of just 5 per cent. In the metropolitan areas of Melbourne, this would mean that aspiring homeowners would only need to save $30,000 to purchase a property worth $600,000 and would not be required to take out Lender’s Mortgage Insurance, (a major additional cost for many market entrants).

In commenting on the new scheme, the CEO of the REIV has been quoted as saying, “Our market will be boosted by new buyers, meaning further transactions in our community. This week’s news brought a lot of smiles to the faces of those involved in Victorian real estate.”

More importantly, he added, “The expanded First Home Buyers scheme comes into effect in January 2020, will make it a lot easier for buyers looking to get into the rapidly growing markets in Melbourne and Geelong.”

The new scheme is particularly good news for homeowners in the Thomastown and Lalor areas. Because so many of the properties in this area are sold to first home buyers, this will mean additional demand for local properties for sale, a trend that can only be good news for anyone considering selling in the near future. When you consider that the REIV’s median property price data for the September quarter of this year showed a growth of 4.5%, the highest quarterly result since March 2017, local residents have every reason to feel positive about their property dealings.

Remember, if you’d like to take advantage of the strong market conditions and achieve a great result in 2019, the door is still open but time is getting tight. Feel free to give us a call at Barry Plant Thomaston on 9466 3233.

Regards,

Con Constantinou

Barry Plant Thomastown