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Victorian first home buyers jump back into the property market

First home buyers of Victoria jump back in to the property market. According to the Adelaide Bank/Real Estate Institute of Australia Housing Affordability Report, the number of loans to first home buyers jumped 10.1% in the June quarter, before stamp duty concession kicked in.

“In the June quarter, Victoria accounted for around 28 per cent of the total number of first-home buyers who entered the property market in Australia — the highest of any state or territory,” said Gil King, chief executive of Real Estate Institute of Victoria.

However, Mr Gill said that despite the good news, home loans to first time buyers were well down on the same time last year.

“While a 10.1 per cent increase on March figures is a positive sign, loans to first-home buyers remain considerably below June 2016 figures (-10.1 per cent),” he said.

He said that new incentives for first time buyers, which includes the removal of stamp duty for homes that are below $600,000 as well as scaled duty reduction for homes upto $750,000 would help more first-time buyers into the market.

Mr King also said that the report suggested that some first-home buyers of Victoria were keen to purchase before the stamp duty concessions increased competition for homes around the $600,000 barrier.

House prices jump in Preston West Primary School zone

Parents eager to send their kids to Preston West Primary are ready to splash cash in order to secure property in the school’s zone.

According to new data from the Real Estate Institute of Victoria, there is a $100,000 median price difference between homes in as well as outside the Preston West Primary School zone.

Inside the Preston West Primary School zone, the median house price sits at $1 million, while it sits at $900,000 for those just outside the Preston West Primary School area.

Real Estate Institute of Victoria President Joseph Walton said that properties near some of the best primary schools of the city were becoming more sought after.

“While suburbs zoned for the state’s top secondary schools have seen significant price growth for a number of years, now too are homes within the catchment area of quality public primary schools,” Mr Walton said.

“Rather than paying private school fees, parents of school-aged children are looking to invest that money in the family home, buying into areas zoned for some of the city’s best public primary and secondary schools.”

He said that the majority of buyers were families with primary school-aged children as well as couples who planned to have children or were expecting their first child.