Good real estate news

Docklands’ real estate market could get a boost with Victorian first home buyers set to receive an extra $3000 when they buy a newly-built home.

The State Government last month announced the First Home Owner Grant would increase from $7000 to $10,000 from July for eligible newly-constructed homes under $750,000.

But the $7000 First Home Buyers Grant for existing homes will finish at the end of June.

While this may not be the best news for owners looking to sell existing apartments it’s good news for first home buyers looking at purchasing in Docklands.

Barry Plant Docklands sales manager Lyle Dean said the business hoped to see more interest from first home buyers and said the grant was good news for off-the-plan buyers and major developers Lend Lease, MAB and Mirvac.

“Any positive news is going to assist Docklands’ real estate environment and attract interest from first home buyers,” he said

Lucas Real Estate managing director Glen Lucas said the bonus was great for Docklands.

“It should see a more positive market emerge, although recent activity has also been encouraging,” Mr Lucas said.

The State Government is also bringing forward stamp duty cut of 40 per cent for all first home owners taking effect from July.

The combination of the $10,000 First Home Owners Grant and stamp duty cuts means Victorians buying a newly-constructed home worth $400,000 would save over $16,500.

Treasurer Michael O’Brien said targeting the grants to newly-constructed homes would stimulate the economy and create jobs in the construction sector.

“These measures will promote more housing construction leading to more employment, greater housing supply and reduced residential price pressure for Victorian families,” he said.