City benefits from firsthome boom

By Nathan Johnston
FIRSTHOME buyers are increasingly looking to Greater Dandenong to enter the property market, according to Lyndhurst MP Tim Holding.
He said affordable house prices and the continued success of the first home bonus were responsible for the encouraging statistics in the southern and eastern suburbs. The Cities of Casey and Knox had the highest number of firsthome buyers, pushing Victoria ahead of other states.
Mr Holding said Greater Dandenong had also boomed, with 1137 people taking up the $5000 first home bonus in the last financial year.
“It is terrific to see so many new houses going up in Greater Dandenong and many happy families getting off to such a good start,” he said.
Grant Real Estate Dandenong branch manager Andrew Cassimaty backed Mr Holding’s comments, saying firsthome buyers accounted for a large share of the local market.
“We certainly get a lot of firsthome buyers in who are interested in taking up the offer and inquiring about the process,” Mr Cassimaty said.
“There have been several in the last week or two, and these have translated into a strong component of our sales.”
According to State Revenue Office figures, the Victorian Government paid more than $400 million to firsthome buyers in the 200405 financial year.
This included the $7000 first home owners grant, now fully paid by the State Government, and the $5000 first home bonus.
The first home bonus will continue until the end of the year, when it will become a $3000 grant for a further 18 months. According to the Real Estate Institute of Victoria, 22 per cent of all buyers in April 2005 were firsthome buyers, up from 14 per cent in January 2004.