New Buyers Like Established Homes
The latest data from the State Government confirms first home buyers’ preferences for established homes over newly constructed ones.
Twenty seven per cent of all purchased made with government financial assistance over the last 12 months have been for new homes.
There is no doubt the financial assistance has been welcomed by not only the first home buyers but also vendors and builders.
The State Government has reported that during the last 12 months there have been 44,668 homes sold to first home buyers and that 12,229 of those received the higher levels of assistance for new homes. Of those, 580 or 11 per cent have gone to buyers in regional Victoria in the last month.
Over this time the total number of loans taken out by first home buyers has increased from 21 per cent in September last year to 27 per cent this September, an improvement that is a direct result of government financial assistance and record low interest rates
In October the financial assistance dropped by $3500 for an established home, and by $7000 for a new home. The REIV expects this will be reflected in the Australian Bureau of Statistics in October Housing Finance figures, which are due in December.
Prospective first home buyers need to be aware that the financial assistance will drop again at the end of December. At that time the total assistance available for purchasing an established home will drop from $12,500 to $9000.
For those buying a new home in the Melbourne metropolitan area it drops from $25,000 to $18,000, and for those buying a new home in a regional area it drops from $29,500 to $22,500.
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