Aspiring first home buyers (FHBs) are expected to rush to ‘sign on the dotted line’ ahead of the removal of thousands of dollars in government incentives at the end of next month, according to Melbourne property law specialist, Adam Zuchowski.
Zuchowski, a lawyer for Slater & Gordon Conveyancing, believes the Napthine Government’s announcement earlier this month that incentives for FHBs purchasing existing houses would be scrapped from July 1 will result in increased activity at the entry level to the property market.
“We have experienced a significant increase in conveyancing files since that announcement was made,” he notes.
Zuchowski says anyone in the market for a first home that was already built will save 40% from the cost of stamp duty, as well as receiving a $7000 grant, if they sign the paperwork before July 1.
“The window is certainly closing for anyone considering getting a foot onto the property ladder who wants to take advantage of the grants and other incentives presently on offer. In recent years, there has been quite a lot of assistance available and that has helped thousands of Victorians get into their first property but that will soon change.”
While those buying brand new houses, units or apartments will not be affected, Zuchowski says most FHBs are buying existing dwellings.
“Clearly, there is a benefit for those first home buyers who are able to negotiate a purchase prior to July 1 and I anticipate there will be a significant number of Victorians who will be wanting to take advantage of that.”