First Home Buyers favoured by low interest rates and purchaser incentives
It has been a roller coaster ride for the Melbourne property sector over the past 36-months. And while we have faced many challenges, first homebuyers (FHBs) are emerging as a keen beneficiary of competitive inner-city apartment pricing, plush borrowing conditions, and strong government and developer incentives to help get them on the property ladder.
With residential rental abatements on the way out, there is no doubt that sentiment among financially charged renters has shifted, and more budding first homebuyers are now asking themselves ‘why am I paying rent when I could be paying off my own home?’.
Never in the Reserve Bank of Australia’s history have interest rates been lower (currently 0.10 per cent), and Australia’s biggest lenders are opening their pockets to eager first homebuyers around the country, with the Australian Bureau of Statistics revealing the total number of approved loans to first homebuyers in Australia had spiked to 16,771 in December 2020 – surging from 8,599 in May.
Bolstering the appeal of purchasing a new property is the Victorian Government’s current stamp duty saving incentives, in which first homebuyers can receive a healthy 50 per cent off these charges for new homes valued up to $1 million until Wednesday 30 June 2021.
And prospective purchasers can also apply for the $10,000 first homebuyers bonus, creating further savings for those in the market for their first property.
At Melbourne Square, our considered range of two-bedroom two-bathroom apartments available through our Life & Style Edition represent a terrific opportunity for first homebuyers looking to secure their spot on the property ladder.
When combining state government savings with our Life & Style Edition purchaser incentives, which includes a specialist furnishing package from Coco Republic, advanced indoor wellness technology by Delos, whitegoods from Samsung and blinds from Lovelight, new purchasers can access up to $85,000 in savings.
According to Domain, the median price for apartment dwellings in Melbourne lifted 4.4 per cent as lockdown ended in the December quarter of 2020. With a positive market outlook and vaccine roll-out underway, it is not unrealistic to think the return of international workers and students in Melbourne’s inner-metropolitan ring will influence prices positively and create positive returns for first homebuyers in the coming years.
Supporting residents of Melbourne Square is a range of everyday amenity including a new full-line Woolworths supermarket and vibrant retail offering, 87-place childcare centre operated by Nido Early Schools, as well as a new 3,745 square metre public park.
Our growing precinct’s convenient Southbank location means it is also just a short walk from the city and surrounding cultural institutions like the Melbourne arts precinct and Royal Botanic Gardens.
To find out more about our range of apartment opportunities eligible for these once-in-a-generation savings for first-home buyers, please call us on 1300 888 770 or book a private appointment via this link.