First home buyers get a huge helping hand; but not in NSW

LOCALS WAITING: First homebuyers in Victoria have been given new incentives to buy, and there are calls for NSW to follow.
LOCALS WAITING: First homebuyers in Victoria have been given new incentives to buy, and there are calls for NSW to follow. Wavebreakmedia Ltd

THE Victorian Government will abolish stamp duty for first homebuyers if they purchase a property below $600,000 and double the grant for regional buyers.

The Real Estate Institute of New South Wales (REINSW) said the move by our southern neighbours should propel our state government to also meaningfully tackle housing affordability.

"Victoria has acted; it is time for NSW to step up and take a stand," REINSW President John Cunningham said.

"NSW is now living in the shadow of our southern counterparts. We will lose our best and brightest if we do not match or better what Victoria has pledged to introduce. The clock is ticking and the government must act now before it is too late."

Victorian Premier Daniel Andrews announced today that purchasers of properties between $600,000 and $750,000 will also receive a stamp duty concession applied on a sliding scale.

In addition, the Victorian government will establish HomesVic a $50 million program to co-purchase 400 homes taking an equity share of up to 25 per cent. Eligible applicants will include couples earning up to $95,000 and singles earning $75,000.

Regional Victoria was also given a boost with the announcement of a doubling of the first homeowners grant for regional Victoria. First homebuyers building new homes in regional Victoria will be entitled to $20,000 as of July 1 this year, up from $10,000 for new homes valued up to $750,000.

"NSW wound up its regional homebuyers schemes in March 2015. This must also be put back on the agenda," Mr Cunningham said.

How would these reforms help buyers in our region? Leave a comment below.

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