More than 100 first homes have been built in Bendigo since July last year when the First Home Owner Grant was doubled in regional Victoria from $10,000 to $20,000.
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Across Victoria more than 900 have been purchased with the help of the First Home Owner Grant scheme in the same time.
Acting minister for regional development Ben Carroll said the grants made it easier for people to build their first home.
“By doubling this grant, we’re giving young people in regional Victoria even more reason to live locally,” he said.
“We’re not making these changes in isolation. As our regional communities grow, we’re also investing in public transport, local roads, and the schools and hospitals they need.”
The Homes for Victorians package also abolished stamp duty for first home buyers purchasing new and existing homes up to $600,000, and discounted stamp duty up to $750,000.
In the six-month period between July 1 and December 31, more than 9700 first home buyers across the state paid no stamp duty, while another 2000 paid reduced stamp duty, representing a saving of $212 million for first home buyers.
Real Estate Institute of Victoria president Richard Simpson said first homebuyer initiatives have been incredibly successful in assisting more Victorians in entering the property market.
“Particularly in regional areas where first time buyers can access both the First Home Owners Grant as well as the removal of stamp duty for properties under the $600,000 threshold.”
“While the First Home Owner’s Grant only applies to newly built properties, the removal of stamp duty below $600,000 benefits buyers of both new and established properties.”
“Regional cities and areas within commuting distance of Melbourne are ideal for first homebuyers, offering an entry point to the market well below the metropolitan Melbourne median house price of $821,000.”
Mr Simpson said Greater Bendigo’s median house price rose 0.7 per cent to $340,000 in 2017.
Median house prices in Castlemaine (up 10.4 per cent) and Maldon (up 23.2 per cent) experienced significant growth finishing the year at $469,000 and $440,000 respectively.
“Castlemaine and Maldon are increasingly attractive to city buyers looking for a tree change, offering a relaxed lifestyle as well as quality amenities,” Mr Simpson said.
“Castlemaine is benefitting from its proximity to both Melbourne and Bendigo with the town’s train station providing easy access to the CBD.
“Macedon Ranges was another top performer in 2017 with house prices in the municipality increasing 10.2 per cent over the year to $650,000.”
