Melbourne’s key suburbs are witnessing an increase in younger buyers under the age of 30 for apartments and affordable housing units. Millennial buyers are picking up properties in these segments swiftly and there is huge interest for the same across areas like Werribee. Younger buyers have also entered the bidding race for property and they are drawing encouragement from incentives given to first home buyers by the Victoria Government. Entry-level home buyers are confident that they can now get good prices for their existing homes and upgrade to bigger/improved housing units.
What this is doing is boosting the real estate market overall since there are more buyers in the market for properties at higher price points and overall housing inventory has also increased. First-time home buyers are looking for affordable homes across a variety of locations in Melbourne’s suburbs. A key incentive is that first time home buyers will have to pay zero stamp duty on properties which are priced lower than $600, 000 and will also have stamp duty being lowered for properties which are priced lower than $750, 000.
Overall lending for home buyers prior to season linked adjustments, increased overall to stand at 18.1% of the home loan commitments throughout the country which goes to show the current market trends. First-time buyers are leading in the race to snap up housing units priced lower than $750, 000. Many buyers are also getting homes at bargain prices in case of tenanted properties and those which have older bathrooms and kitchens.
