Buyers rush to cash in on Victoria’s $20K first-home owner grants
First-home buyers are rushing to snap up house and land packages in regional Victoria before the state government’s $20,000 First Home Owners Grant (FHOG) is halved to just $10,000.
Home building companies say land is selling in a matter of hours and they are experiencing a stampede of desperate buyers similar to when the federal government’s HomeBuilder scheme ended in March.
Victoria’s FHOG of $20,000 has been on offer to first-home buyers building a new home in regional Victoria since 2017, but the recent state Budget revealed this amount would drop to $10,000 after June 30 this year, bringing it in line with grants in metropolitan areas.
Metricon’s general manager for regional housing Victoria, Phil Barrett, said the grant change had seen those considering building a new home in regional centres pushing forward plans to cash in.
“We’ve experienced another big rush of sales to secure a new home, similar to the surge we saw earlier in the year when the HomeBuilder scheme drew to a close,” Mr Barrett said. “Right across the state, we’re seeing people who have been considering buying their first home in regional Victoria, with an [extra] $10,000 incentive to make their decision within the next four weeks.”
Home-builders Burbank had also seen an “immediate increase” in enquiries following the announcement.