First home owners guide| All you need to know

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WHEN flying the family nest and into your own very first home of choice, it’s not always easy.

The Domain First Home Owners Guide has some of the best and most topical information around, and for those putting their first tentative step into the property market, it’s a must read. 

Topics covered include:

  • Why you should use a conveyancer
  • Bendigo’s hottest property postcodes
  • Protecting yourself when building your home
  • Preparing your garden for spring

So take the time to read and absorb as much of this great information as you need, then file it away for another peruse in a few months time, when you may be ready for the next exciting step in your property journey. 

Buying in a growth area like Epsom /Huntly

FOR the past 15 years, Epsom/ Huntly has been targeted as a growth corridor for residential development in the City of Greater Bendigo’s planning scheme. As a  result, multiple small infill developments and large green fill developments have  been constructed, providing affordable land and larger lots. 

“Traditionally these areas were utilised for agricultural resources, however with the release of affordable land many young families and first home owners have seen the northern corridor as a great opportunity to enter the property market,” said Tom Isaacs, director of PRDnationwide Bendigo.

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“During this time the political and economic landscape has changed vastly and both state and federal government have introduced significant stimulus packages in the form of First Home Owners Grants, with the grant reaching as much as $38,800 for first home owners to build their first home.”

According to Tom, first home owners in Epsom/ Huntly have stayed put to raise their family, with their average age 25 - 34 years. There is also a resurgence of residents aged between 45 - 65, as people from regions such as Mildura, Swan Hill and Echuca move to Bendigo in search of greater infrastructure for their growing family, medical services and accessibility to Melbourne as they enter their retirement years.

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Bendigo market analysis

THE nation’s property market is Australia’s largest store of personal wealth, worth more than the ASX and superfunds combined. Given its role in wealth creation, it’s imperative that new generations of buyers are assisted in getting a foothold on the property ladder.

First home buyers in regional Victoria can utilise a number of new State and Federal Government incentives when purchasing their first home. Importantly, stamp duty has been removed for homes – both new and established – purchased for less than $600,000 with scaled stamp duty reductions for homes purchased between $600,000 -$750,000.

The First Home Owners Grant (FHOG) has also been doubled in regional Victoria to $20,000 for first homebuyers purchasing a newly constructed home for less than $750,000. The Federal Government has also announced that buyers will be  able to salary sacrifice up to $30,000 into their super to save for a house deposit.

Given this capped amount, the First Home Super Saver Scheme will be of most benefit to buyers in regional Victoria. While the state’s property market has been performing strongly, house prices in regional Victoria are considerably more affordable than  in metropolitan Melbourne.

The median house price in regional Victoria rose two per cent in the June 2017 quarter to a record high $385,000; however, this remains less than half the Melbourne median house price ($822,000).

In Greater Bendigo, house prices have been relatively stable in 2017 with a median house price of $327,000 recorded in the June 2017 quarter.

Maiden Gully in Bendigo’s west recorded the municipality’s largest quarterly increase with house prices in the suburb increasing 8.2 per cent to a median of $525,000. North Bendigo also experienced solid price growth over the quarter with the median up 6.3 per cent to $285,000 – an increase of $17,000 on March 2017 figures.

Quarterly price growth was also recorded in East Bendigo, up 4.2 per cent to a median of $310,000; White Hills, up three per cent to a median of $314,250; and Strathfieldsaye, up three per cent to a median of $450,000.

Meanwhile, buyers on a budget should consider some of the more affordable towns including Elmore, north east of Bendigo, where the median house price is just $188,750.

Regional Victoria is also set to benefit from improved road and rail infrastructure, with the Federal Government committing $1.45 billion towards the regional rail revival project. Improved transport to and from Melbourne  will drive long term price growth in Bendigo as more people relocate to regional cities.

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