How the recent Census data will effect VIC Property Owners
Census Data has indicated that the property market in Victoria over the last decade is not at its best for affordability, especially for first home buyers. Despite the decade of price rises, recently over the past year, the median prices of houses in Victoria have lowered by 7.4 percent and unit prices by 3.2 per cent from December 2016 to March 2017. Although small, this does create some minor price leeway for buyers and a potential halt to the negative momentum over the past years.
First Home Buyers in Victoria
Purchasing a home is understandably daunting for first home buyers based off census data, fortunately the Victorian government have taken action to make decision easier and more financially realistic. In reaction to the prices, up to $20,000 FHOG is now available for homes up to $750,000 and a one off duty concession specifically for first home buyers with families that include properties valued up to $200,000.
With the median house prices in the metropolitan being $650,000 and the country being $330,000, it’s no surprise that buyers are now moving towards regional areas that are further from the CBD. From this census data, it can be concluded that if the momentum from the past years sustains itself, we can expect first home buyers to be congregating and populating the regional areas much more, whilst CBD areas will primarily attract purchasers who are after units.
Sources:
http://www.sro.vic.gov.au/first-home-owner
http://docs.wixstatic.com/ugd/96480d_aa047f7dea1a41b09a36a6ae80b95e70.pdf
