Under Victorian Premier Daniel Andrews’ government plan to make housing more affordable in Victoria, first home buyers will no longer have to pay stamp duty on properties worth up to $600k as of the 1st of July 2017.

The Sunday Age also reports:

– First home purchases ranging between $600,000 and $750,000 will get a concession applied on a sliding scale.

– First home buyers of new houses will still be eligible for the first home owners grant, thereby boosting the support they receive.

– The stamp duty exemption will apply to new and existing homes (including houses, townhouses, apartments and off-the-plan dwellings) that cost under $600,000 and are lived in for at least 12 months (i.e. Investment properties are not eligible).

But with Melbourne’s median house price now at a record $795,447, according to the Domain Group, some will argue that home ownership will remain out of reach for far too many unless property prices are driven down, or initiatives such as inclusionary zoning are introduced, forcing developers to ensure that a proportion of new dwellings are affordable or low-cost.

Source: The Age