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With Victoria’s state election approaching, housing policy is firmly in the spotlight. So what could a change of government mean for the property market?
The Liberals and Nationals have pledged to remove stamp duty for first home buyers purchasing properties up to $1 million, progressively lift the land tax threshold back to $300,000 over five years, and fast-track housing development in identified growth areas.
In my view, reducing the cost of buying and holding property could be a positive step towards rebuilding confidence. Lower upfront costs would help eligible first home buyers, while land tax relief could give investors more reason to consider Victoria.
Of course, an election result alone won’t turn the market around overnight. Interest rates, borrowing capacity and the delivery of those promises will all play a part.
For Geelong, policies that support buyers, encourage investment and help deliver more homes would be welcome. We’ll be watching closely as further details emerge.
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