For some people, the approach of the end of December this year is probably a good reason for a big sigh of relief. For others, however, it’s actually a timely reminder that it’s a great time to do some careful [planning to ensure that you don’t miss out on the opportunities that the current property market is providing.
For example, there’s probably no better time than the end of the year to review and reset your goals for the coming year, including making sure that your finances match those goals. and get your finances in order. Whether you’re saving a deposit for your next home or you are planning on making a move to a different rental property, the new year is a great time to act. So right now is an ideal time to start shopping around.
Of course, if you are planning on buying a property soon, your timing is excellent given that the State Government has introduced some big cuts to stamp duty for anyone buying a property for up to $1 million between November 25th, 2020 and June 30th, 2021.
Within this price range and time scale, buyers will get a 50% reduction on new homes or homes purchased off-the-plan, whilst buyers of established homes will get a discount of 25%.
The Victorian Government has also established the Victorian Homebuyer Fund which will set aside $500 million to assist homebuyers who do not have a 20 per cent deposit. This fund will contribute to eligible buyers’ deposit in exchange for equity in the property.
The good news for home buyers doesn’t stop there either. Social distancing restrictions were eased even further recently meaning that as agents we can now allow up to 50 people at attend an outdoor property auction, whilst the number allowed to attend a private property inspection has been increased to 20 people. It’s all good news if you’d like to buy a property in the near future.
With all this in mind, don’t forget that there is no better asset to have at your disposal when buying or selling than good advice. So is we can be of assistance in your planning, don’t hesitate to give us a call at Barry Plant Thomastown on 9466 3233.
or on 0418 331 741. We’d be only too happy to assist.
Barry Plant Thomastown