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Stamp duty reductions in Melbourne to stimulate first home buyers

By Jamil Allouche

If you're a first home buyer looking into the local Melbourne market for a slice of property in Brunswick, now could be the perfect time to get serious about the search. As of today (1 September), stamp duty concessions for first time buyers have been increased to 50 per cent across Victoria. 

Treasurer Michael O'Brien said this change was made to help buyers get their foot in the market, helping to save 26,000 Victorians up to $200 million over the next 12 months. 

"This boosted stamp duty concession will make home ownership more affordable and support jobs by stimulating the housing construction industry," said Mr O'Brien in a 31 August statement. 

"From 1 September, an eligible first home buyer purchasing a new $600,000 house and land package will receive a combined stamp duty cut and FHOG worth $25,535." 

After being introduced in 2011, almost 60,000 eligible first time buyers have benefited from the state's stamp duty concession, with more first time buyers in Victoria than any other state in Australia.

Now could be a great time to take advantage of the real estate opportunities being presented across the Melbourne property market – get in touch with a professional real estate agent today to discuss your options. 

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