Victorian First Home Owner Market Still Booming

For just the second time in Victorian history more than 5000 Victorians bought their first home over the course of a single month with assistance from the Brumby and Rudd Labor Governments.

Treasurer John Lenders released the latest statistics today showing 5064 Victorians had bought their first home in July with government assistance.

He said the figures included assistance for the construction of more than 1507 new homes for Victorian first home buyers in July, creating thousands of jobs in Victoria’s construction and building sector.

“Each of the last three months have been the best three months in Victoria’s history, driven by the fact Victoria currently has the most generous first home owner payments of any Australian state,” Mr Lenders said.

“These payments do more than just help families into their first home – they help to create jobs for Victoria’s carpenters, electricians, builders, plumbers and many others.

“These payments help to build new houses, create jobs, stimulate the Victorian economy and fight the impact of the Global Financial Crisis.

“They also help to take pressure off Victoria’s rental market.

“The strength of the Victorian property market is one reason why we are currently weathering the impact of the Global Financial Crisis better than almost anywhere else in the world.”

Mr Lenders said the number of first home owners grants paid to Victorians was 48 per cent higher than the number of first homes purchased in July last year, despite the ongoing impact of the Global Financial Crisis. The figure is just short of the record 5193 Victorians who had purchased their first home with assistance from the government in June.

Federal Minister for Housing, Tanya Plibersek said the Rudd Government had delivered the First Home Owners Boost to help young Australians into a home of their own and to support jobs and businesses in the housing sector through the global recession.

“The July figures show that the decision to extend the First Home Owners Boost until the end of the year was well founded,” Ms Plibersek said.

More information is available at the State Revenue Office website ( www.sro.vic.gov.au) or call 13 21 61.