Victoria Highlights Increased Activity In Property Markets
Victoria’s first home buyers have defied the gloom of the Global Financial Crisis in 2009, taking advantage of assistance from the Victorian and Federal Governments to buy more homes last year than any other year on record.
Premier John Brumby said Victoria had the most generous first home buyers assistance of any Australian state, helping a record 53,730 Victorians into their first home, demolishing the previous records of 43,688 first home buyers in 2001 and 41,615 in 2007.
“This is compelling evidence that our plan to fight the Global Financial Crisis is working and securing Victorian jobs,” Mr Brumby said.
“Last year we gave an extra boost for those Victorians wanting to build their own homes and 15,575 Victorians signed up to build, helping to create jobs for Victoria’s carpenters, electricians, builders, plumbers and other tradespeople.
“That strategy has clearly worked and will continue to be an important part of our plan to fight the ongoing effects of the Global Financial Crisis in 2010.”
Melburnians planning to build their first home in 2010 can still take advantage of up to $18,000 from the Victorian Government. Regional Victorians can access up to $22,500 to build a new home outside Melbourne.
Housing Industry Association Chief Economist Harley Dale said the proportion of grants given to Victorians planning on building their own homes had jumped from 22 per cent in the first half of 2009 to a peak of 46 per cent in December, following the introduction of Victoria’s extra home construction bonus, giving the housing industry a timely jobs boost.
“The extra home construction bonus has generated new residential building activity that would not otherwise have occurred and has created around 19,000 additional construction and related jobs in Victoria,” Mr Dale said.
“This additional economic activity has created an extra $463 million in employee earnings and has boosted business revenue by well over half a million dollars.”
Treasurer John Lenders said Victoria had led the nation’s dwelling approvals for the past 19 months in a row, showing the strength of the Victorian economy despite the ongoing impact of the Global Financial Crisis.
“These dwelling approvals are a pipeline of jobs for Victoria’s home builders and tradespeople with Victoria now one of only two states to have positive growth in dwelling commencements over the year,” Mr Lenders said.
“More and more Victorians are taking advantage of our first home owner assistance with 4356 Victorians purchasing their first homes in December including 1996 deciding to build new homes.
“There is little sign of Victoria’s first home buyers slowing down their enthusiasm with 24 per cent more purchases in December last year than December 2008 and an impressive 41 per cent more than December 2007.
“We are providing strong leadership to help young Victorians families into their first home, create thousands of jobs and take pressure off the rental market. “
Mr Lenders said an extra 75,200 Victorian jobs were created over the past 12 months – more than any other state – giving many young families the financial confidence to buy their first homes.
He said that while the recent increase in activity in the Victorian property market was good news for the state budget the Global Financial Crisis had wiped over $900 million worth of stamp duty from the budget which is money the state will never get back.
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Top 10 Metro Postcodes Grant Paid for 2009 |
||
|
Postcode |
Suburbs |
Number of Grants |
|
3030 |
Point Cook, Werribee, Derrimut |
1556 |
|
3029 |
Hoppers Crossing, Tarneit |
1529 |
|
3023 |
Burnside, Deer Park, Caroline Springs |
1328 |
|
3977 |
Cranbourne, Cardinia |
1210 |
|
3064 |
Craigieburn, Donnybrook, Roxburgh Park |
1191 |
|
3810 |
Pakenham, Rythdale |
817 |
|
3754 |
Doreen, Mernda |
780 |
|
3337 |
Melton, Toolern Vale |
571 |
|
3805 |
Narre Warren, Fountain Gate |
568 |
|
3037 |
Calder Park, Hill Side, Sydenham, Plumpton |
562 |
|
Top 10 Regional Postcodes Grant Paid for 2009 |
||
|
Postcode |
Suburbs |
Number of Grants |
|
3350 |
Alfredton, Ballarat, Canadian, Invermay Park, Mt Clear, Mt Helen |
641 |
|
3216 |
Belmont, Grovedale, Highton, Marshall, Waurn Ponds |
611 |
|
3500 |
Mildura, Mildura East, Mildura West |
418 |
|
3690 |
West Wodonga, Wodonga, Wodonga Plaza |
387 |
|
3550 |
Bendigo, Diamond Hill |
379 |
|
3844 |
Blackwarry, Callignee, Carrajung, Flynn, Koornalla, Loy Yang |
353 |
|
3630 |
Shepparton, Dunkirk |
327 |
|
3280 |
Warrnambool, Dennington |
299 |
|
3551 |
Arnold, Epsom, Huntly, Myola, Toolleen, Wellsford |
271 |
|
3214 |
Corio, North Shore, Norlane |
242 |
Topics: assistance, Australia, Brumby Labor Government, builders, carpenters, construction, economic development, economic growth, economic recovery, Economy, electricians, employment, federal government, first home buyers, first time buyers, global financial crisis, Governance, government, homeowners, homes, housing industry, jobs, plumbers, property markets, real estate, recession, Victoria
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