Property managers in regional Victoria might need to get ready for an uptick in business, after new REIV data shows that despite already having double-digit growth, property can still be purchased in some locations at median prices under $230,000.
The most affordable suburb was determined to be Stawell, offering median house prices of $175,000, which REIV CEO Gil King said was less than half the regional median house price of $396,500.
“This was closely followed by a number of towns in the La Trobe Valley in Gippsland, including Morwell where buyers can enter the market for a median price of $180,000,” Mr King said.
Following this was Moe at $185,750, Churchill at $186,00, Maryborough at $200,000, Newborough at $215,000, Benalla at $219,500 and Red Cliffs at $227,000.
“Buyers on a budget should also consider towns in the western districts, including Horsham and Ararat where the median house price is less than $230,000,” Mr King said.
Mr King also recommended for first home buyers to take advantage of various government incentives, which include the removal of stamp duty for homes under $600,000.
“First home buyers purchasing a newly built home under $750,000 may also be eligible for the first home owners grant, which is currently $20,000,” the CEO said.
Additionally, there is also the HomesVic shared equity scheme, which is an option for individual buyers making less than $75,000 a year or couples making a combined $95,000.
“The pilot scheme requires prospective purchasers to have at least a 5 per cent deposit, with the government funding up to 25 per cent of the purchase price. The government will recover its proportional share of the property on sale,” the REIV CEO explained.