01 Oct Concessions Boost FHBs
The number of first-home buyers using stamp duty concessions has doubled since the Victorian Government introduced the measures on July 1.
Data from the State Government also indicates the incentives have been popular in regional centres including Ballarat, Bendigo and Shepparton.
The changes mean people buying their first home do not pay any stamp duty on properties under $600,000 and receive stamp duty concessions for properties under $750,000.
The Government also doubled the first home owners grant to $20,000 for the purchase of newly-built houses in regional Victoria.
Taj Singh, director of First Home Buyers Australia, said cuts to stamp duty had allowed young people to enter the market with bigger house deposits, but added that the increased competition was nudging prices up.