Victoria Hits Biggest First Home Boom for Seven Years

Victoria is in the middle of a first home buyer boom with more Victorians purchasing their own homes last month than at any other time for the past seven years thanks to jointly funded assistance from the Rudd Government and the Brumby Labor Government.

Releasing the new statistics today Federal  Tanya Plibersek said efforts to create jobs and help young Australian families into their own homes had worked, with 4452 Victorians applying for first home owner assistance worth over $77 million from the governments in April alone.

“Victorians are helping to create jobs for other Victorians by building new houses with financial support from the Rudd and Brumby Governments,” Ms Plibersek said.

“Each of these new homes means more jobs for electricians, builders, plumbers and other tradespeople all over Victoria as we fight the impact of the global recession.”

Ms Plibersek said the Rudd Government had extended the additional First Home Owners Boost for six months in the recent Federal Budget. She said the government would phase out the additional boost from the beginning of October to allow the market to re-adjust gradually.

Treasurer of Victoria John Lenders said Victoria had the most generous first home owner package in Australia which was helping to create jobs at a time when economies around the world were being hit by the Global Financial Crisis.

He said the figures were the best April result in Victoria’s history and included payments for the construction of more than 1050 new homes in Victoria.

“We are working shoulder to shoulder with the Rudd Federal Government to help Victorians into their own homes and create thousands of jobs across the state,” Mr Lenders said.

“Since the start of this year we have jointly provided over $250 million to help Victorian families get a foothold in the housing market.

“Last month 227 Victorians applied to build a new home in regional Victoria with our Regional First Home Bonus – only slightly lower than the record set just the previous month of 230.

“Building new homes with assistance from our governments will also help increase Victoria’s housing stock, taking pressure off the rental market.”

Mr Lenders said the Brumby Labor government had extended the Victorian Government’s First Home Owner Scheme with the new Victorian package aimed at helping Victorian families into their own homes sooner by offering $22,500 for first home buyers purchasing a new home in regional Victoria, $18,000 for a new home in metro Melbourne and $9000 for an existing home as of 1 July this year.

Mr Lenders said the Brumby Labor Government would invest $125 million to extend the scheme for an additional year which was funded from the 2009 State Budget.

People looking for more information should visit the State Revenue Office website (www.sro.vic.gov.au)or call 13 21 61.

Number of FHOG Applications for April 09