First-home buyers leap in as government grants rise

THE number of first-home buyers purchasing land in the Armstrong Creek growth corridor has more than doubled since July 1.

Estates in the 3217 postcode have had record breaking sales in July.

Villawood Properties flagship Armstrong community in Mt Duneed recorded 64 new land deposits in July, smashing the previous record of 50 last October.

Of those 64 deposits, 38 of them were from first-home buyers.

Meanwhile 70 contracts were exchanged in Armstrong Creek’s Warralily in July, also breaking a record for the estate.

Of those 70, 25 were from first-home buyers.

And in Ashbury, 12 sales to first-home buyers were recorded.

This is a significant increase compared to the month prior for the 3217 postcode as the State Revenue Office recorded 27 first-home owner grants for new homes in June.

The increase is due to the State Government raising the first-home owner grant from $10,000 to $20,000 for firsthome buyers who buy or build their new home valued up to $750,000 from July 1.

Stamp duty has also been abolished for first-home buyers purchasing a home up to $600,000.

Villawood Properties executive director Rory Costelloe said the increase in sales was due to an influx of first- home buyers waiting for the grant to come into effect in July.

“Over 5000 people have moved to the region in the last 12 months so it appears the secret is out — Geelong really does offer a more affordable, all-round better lifestyle choice than Melbourne,” Mr Costelloe said.

“Sales data from the last 12 months shows that buyers are predominantly local with 36.8 per cent from Grovedale, 13.9 per cent from Highton and 7.8 per cent from Belmont.

“But we are seeing an increase in buyers from the western suburbs of Melbourne and even as far as the southeast.”

Warralily estate manager Ben Stewart said 35 per cent of purchasers were first-home buyers.

“Buyers are choosing Warralily based on the outstanding community that has been built, along with the imminent completion of significant capital works,” Mr Stewart said.

“A number of significant pieces of infrastructure are nearing completion with the Armstrong Creek Education Precinct and Warralily Village soon to open.”

Geelong Homes general manager Andrew Carroll said the grant increase had significantly increased the interest of first-home buyers.

“We are a proud local builder and employ local Geelong trades and suppliers,” Mr Carroll said. “The strong growth in the first-home buyer market will help cement their employment long into the future and allow us to employ trades and office personnel as we grow.”