Why wouldn't you live in the Latrobe Valley?
It's a place we call home, a place we choose to raise our family, to play sport, to do business. Despite the reports of doom and gloom, we see so much opportunity.
Gippsland has received it fair share of bad news and bad press over the past 6 months. However, amid the doom and gloom, there is some positive news.
You're probably aware of the housing boom in Melbourne. Affordability pushing people further and further out of the city, all whilst technology is seeing a huge rise in people working from home. So, how is our future looking?
In the past month we’ve seen 3 major announcements by State and Federal Governments which should contribute to some major changes in our local area.
What are they you ask?
1. Changes to the First Home Owners Grant (FHOG)
If you’re buying a new property under $750,000 (which would cover the majority of regional first home owners), then the first home owners grant has just been doubled from $10,000 to $20,000. This will be made available for all new properties where a contract is signed between July 1st 2017 and June 30th 2020.
2. Stamp Duty Abolished for First Home Buyers
If the $20,000 FHOG wasn’t enough, the government has wiped stamp duty if you’re buying a property under $600,000. What is stamp duty and how much is this going to save you? If you're buying a $300,000 home it could save you an additional $11,370 in fees (check the State Revenue Office calculator for a more accurate figure to match your circumstances here)
3. The State Government has just announced major funding to the area which will see a new pool, upgraded sporting facilities and a transition package for young employees to move from Hazelwood to other power stations. The Government is hopeful that employment numbers will stabilise.
Sadly there is no specific solution to everything and without a doubt, many great people in our community may still find themselves without work. However, there is evidence enough in the past month that the wheels are turning. The changes to infrastructure, along with reductions in stamp duty and doubled first home owners grants start to make our local area a pretty attractive place to live for anyone thinking of a tree change (in case the natural beauty of our region wasn't enough).
When you think about it, we're close enough to head into the city for dinner or a show, sneak down for a concert or to watch our team play at the MCG. We're also within an hour to the beach, the snow and some incredible national parks. When you compare what $400,000 can get (see below) you in the Latrobe Valley compared to the City, it's clear, we're the lucky ones.
Here are a couple of client properties to show just how far your money can go in regional areas.
$400,000 - Traralgon property
$400,000 - Melbourne property
If this hasn't restored your faith in how lucky we are, watch this Latrobe Valley video, put together by the team at The View From Here and Gippslandia
Whilst you're here, check out some of our other posts: