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Majority of First Time Buyers Choose Established Property

By Matt Hurlston

The majority of first-time buyers in Victoria choose to purchase a property that is already established, rather than a new-build home, according to the state’s real estate body.

Enzo Raimondo, chief executive officer of the Real Estate Institute of Victoria (REIV) asserted that the state government should therefore not make changes to the First Home Owners Grant, as this could negatively impact first-time buyers.

The $7,000 grant is set to be abolished on July 1, and Mr Raimondo says that other government grants to support buyers should be increased as a result.

Rather than changing the system every year, he suggested that exempting first-time buyers from stamp duty charges could be a more effective way of encouraging their participation in the property market.

If you are a first-time buyer in Melbourne who is keen to make your move in the property market before the grants are changed at the beginning of the new financial year, contact the team at Ray White Carnegie.

We can help you find the perfect Carnegie real estate to suit your needs and can talk you through the entire purchase process.

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