Benefits lift market

April 17, 2018

Kevin Hicks Real Estate residential sales consultant Terry Shiels says exemption for first-home buyers and builders is a great thing.

‘‘It’s all relevant to the price of the house, how much the saving on stamp duty is,’’ Mr Shiels said.

‘‘If it’s $9000, that is really a grant in disguise — it’s definitely lifted the whole market.’’

Mr Shiels said the exemption gave first-home buyers the edge and evidence of this was on display just last week at an auction.

‘‘In bidding last week, a first-home buyer beat an investor,’’ he said.

‘‘I’d say that had a big influence there, it’s assisting in every good way possible.’’

Figures from the State Revenue Office show that from July 1 last year to February 28 this year, 275 new home owners in Greater Shepparton had saved a combined $2.7 million in stamp duty exemptions.

First-home buyers building new homes in regional Victoria are also entitled to benefits, which can total up to $20000.

Mr Shiels said those benefits for new builders had a positive effect, even more so than the exemption on stamp duty.

‘‘It’s had an enormous impact on land sales, enabling people to build their very first home,’’ he said. ‘‘Our new-build market is stronger than it’s ever been, we benefit largely from land sale... subdivisions like Kialla Lakes where we sell land off the plan.’’

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