By Shaun Inguanzo
Victoria’s peak real estate body is telling firsthome buyers to cashin on a stabilising property market. Last week the Real Estate Institute of Victoria said the market was ‘steady’ and estimated a ‘modest’ price increase of one to two per cent from now until the end of the year.
REIV CEO Enzo Raimondo said it was the right time for firsthome buyers to make the most of $12,000 worth of government grants.
“After a number of years of rapid price growth, Victorian residential property prices have stabilised showing moderate price increases within steady market conditions, confirming a soft landing.”
Mr Raimondo said latest Australian Bureau of Statistics figures show the market share of firsthome buyers jumped 30 per cent from 18 months ago, with a total market representation of 19.9 per cent.
