The Andrews Labor Government is making renting fair, housing more affordable and ensuring houses are available for Victorians who need a home – not just another investment property.
Premier Daniel Andrews visited Northcote today to reinforce the Labor Government’s comprehensive reforms to tip the scales of Victoria’s property market back in favour of tenants and people looking for their first home.
The Labor Government’s Homes for Victorians package has already helped thousands of people take advantage of generous stamp duty reductions to purchase their first home.
New data shows that more than 5,000 first home buyers have paid no stamp duty since reforms came into force on 1 July, with another thousand paying reduced stamp duty.
In Darebin, the number of first home buyers benefitting from the Labor Government’s stamp duty cuts doubled in October.
Between 1 July and 31 October, 85 first home buyers in Darebin paid no stamp duty and 29 paid less than they would have if not for the Labor Government’s major reforms, which abolish stamp duty for first home buyers on properties valued under $600,000, and provide concessions for houses between $600,000 and $750,000.
The Labor Government is also making renting fair through an unprecedented package of reforms that give tenants more rights, allow for longer leases, make bonds smaller and fairer, and crack down on dodgy landlords.
To help make more properties available for Victorians, the Labor Government is also cracking down on investors who leave their properties empty.
Across metropolitan Melbourne it is estimated that up to 20,000 properties are sitting empty and unused. These houses should be filled with families and workers living close to schools, transport and services they need.
As of 1 January, a Vacant Residential Property Tax will be levied on dwellings that are empty for more than six months in a calendar year – encouraging people to sell them or rent them so they’re available for Victorians who need a home – not another investment property.
Registrations are also open for a new shared equity scheme, HomesVic, in which the Government will contribute up to 25 per cent of the initial price for up to 400 first home buyers– helping them buy their first home, sooner.
These initiatives build on the crackdown on underquoting, and the biggest investment in social housing in Victoria’s history.
Quotes attributable to Premier Daniel Andrews
“We’re making renting fair, slashing stamp duty and giving those struggling to save for their first home a helping hand.”
“This is about fairness, and ensuring Victorian families and future generations have a safe, stable and affordable place to live.”
“Others may talk about housing affordability, or simply handball it as being an issue for the federal government, but only Labor can deliver – for people in Northcote, and across Victoria.”