Colac and district realtors say Colac’s property market is “booming” and government incentives for first homebuyers will mean Colac’s market strength will continue to grow.
First homebuyers became eligible for state and federal government incentives on July 1.
Incentives include a $20,000 first homeowners grant for first homebuyers buying a new home in regional Victoria for under $750,000, stamp duty exemption for first homebuyers who buy a house worth less than $600,000 and a salary-sacrifice initiative which allows first homebuyers to put up to $30,000 of their superannuation towards a house deposit.
Colac to Coast Real Estate’s Stuart Nelson said Colac’s real estate market “is by far the strongest the market has been in the 11 years that I have worked in real estate”.
“To give an example, our last seven sales have not even had time to be advertised and go to the market due to having buyers already waiting in our database,” he said.
“Colac is still considered to be very good value for money, and the strong Colac economy is certainly pushing prices up.
“Internet inquiries are the strongest they’ve ever been for Colac in my 11 years as an agent,” he said.
“There’s no sign of things slowing down, sometimes things do slow during the winter and wait for the spring, but there are no signs of that happening because inquiries and internet inquiries are at an all-time high.”
LJ Hooker Colac’s Wayne Mackrell said Colac was a “very affordable” market for first homebuyers.
For the full story see today’s Colac Herald.