First Home Owner Grant in Regional Victoria to be halved

First home buyers in regional Victoria have until the end of this month to take advantage of the $20,000 First Home Owner Grant before it is halved to $10,000 from 1 July 2021.

This change, released in May as part of the Victorian State Budget, will bring the grant for regional Victoria in line with that available to first home buyers in metropolitan Melbourne.

Buyers who meet eligibility criteria can take advantage of the $20,000 grant for regional Victoria up until 30 June 2021.

We expect to see a surge of first home buyers to regional Victoria looking to take advantage of the increased grant in the final few weeks of June.

A similar rush, albeit on a larger scale, was experienced in December 2020 and then in March of this year as the Federal Government's $25,000 and $15,000 HomeBuilder grants came to an end.

The turbulent economic conditions caused by the pandemic have provided the perfect opportunity for savvy first home buyers to break into the competitive housing market in 2020. Despite COVID-related lockdowns across Victoria for much of last year, many first home buyers have moved to take advantage of the opportunities afforded.

A report released by the ANZ in November last year revealed that first home buyer levels had risen to new highs in both new and established property over the last quarter of 2020. (source) 

This property buying ‘frenzy’ among first home buyers has been fuelled in part by a range of Federal and State Government incentives, plus record low interest rates and the move towards a more remote workforce.

Many Victorian first home buyers have followed the wider trend of looking to more affordable regional areas to buy or build their first homes.

According to State Budget papers, 78 percent of settled transactions since March 2020 had been from first home buyers snapping up property across outer Melbourne and regional Victoria.

Looking to take advantage of the regional Victorian $20,000 First Home Owner Grant before it ends on 30 June 2021? We can help.

Call and speak to our friendly property experts today about how we can help you take advantage of the First Home Owner Grant and other government incentives available to buyers of new and off-the-plan property.

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Published on 10th of June 2021 by Michelle Leftwich
Michelle Leftwich
Michelle Leftwich

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