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News: FTBs return to Oz

Thu, 14 Jun 07

FTBs are clawing their way back into Victoria's booming property market, new figures show...

The number of first home buyers is at its highest level in two years, according to figures released today by the Department of Treasury and Finance.

In May, 3924 Victorians applied for the $7000 First Home Owner Grant and 3613 applied for the First Home Owner Bonus.

The bonus is awarded for property purchases of less than $500,000 and gives new home buyers an extra $3,000 for existing homes and $5,000 for new homes.

Melbourne’s ‘growth corridors’ hog top postcodes

Treasurer John Brumby said the May applications for both schemes were the highest since June 2005.

"The first home is often the first significant investment Victorians make and the Bracks government is there to help people enter the market," he said.

The top postcodes for new home buyers were confined to Melbourne's growth corridors in the outer suburbs. Werribee topped the list, followed by the regions of Cranbourne, Caroline Springs and Deer Park, Hoppers Crossing and Craigieburn.

More than 105,000 first home bonuses - worth $445 million - have been paid since the scheme started in 2004. This is on top of the $1.8 billion paid to more than 250,000 first home buyers since the grant scheme started in 2000.

Source: Sydney Herald

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