Buying a home during the COVID-19 pandemic offers plenty of benefits to potential buyers. From plenty of home buyer government initiatives, deals from home builders and, for many, more available cash to invest in a property as opposed to spending on travel, the current economic situation provides a range of benefits for smart home buyers looking for a great opportunity.
Restrictions on travel and low-interest rates are creating the perfect storm for home buyers wanting to secure a quality investment that offers plenty of benefits. With many people funnelling their savings from travel to investing, there are many opportunities for investors looking to jump into the property market and get a great price for a home or investment property.
Home buyer government initiatives and benefits for new home buyers
There is a range of grants and initiatives from the government for new home buyers entering the market, in particular, the First Home Owners Grant and also the new Home Builder grant.
The Home Builder provides eligible owner-occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home. The grant is focused on assisting the residential construction market and encouraging new home builds and renovations.
The First Home Owner Grant offers a grant to individuals across Australia varying in amounts based on the state or territory. The First Home Owner Grant (FHOG) scheme is a national scheme funded by the states and territories and administered under their own legislation. The grant is $10,000 in Victoria and is available for when individuals buy or build their first home. There is an additional amount for First Home Owner Grant recipients in regional Victoria, with approved applicants receiving $20,000 for new homes built in regional areas.
Benefits of buying a new home during the COVID-19 pandemic
Due to the market conditions following the COVID-19 pandemic, there are plenty of opportunities for people wishing to purchase and hold a property or even purchase a property to rent out and live in it at a later date.
Benefits include:
- Low-interest rates for mortgages
- Positive time for investors looking to hold properties
- Positive economic data emerging for the housing market
- Opportunity in buyer’s favourite areas
- Auction clearance rates have been in decline, meaning more houses remain unsold and on the market
- Pre-approved home buyers have more choices and can get a better deal
The emergence of positive economic data following the pandemic has meant that now is a great time to buy for new home buyers or investors that want to secure a great rate if finance and snap up some great opportunities in the property market. Industry heavyweights are sharing that it is currently a buyers market in property, meaning investors and new home buyers can benefit.
Data released in mid-June 2020 has shown that there has been an increased demand from buyers as COVID-19 restrictions have eased, while there is still a way to go, the REA Insights data has been promising for home buyers looking to get into the market.
An experienced, licenced and insured custom home builder can provide the peace of mind you will get a quality outcome for your building project. If you’re looking to take advantage of home buyers grants and government initiatives new home builds, now is a smart time to buy.
Across Victoria there are our custom builders who provide a complete building solution from enquiry, preliminary agreement, pre-construction, construction and ongoing maintenance. Whether you’re looking for a house and land package or you’re searching for the perfect home in Victoria, Achieve Homes can help assist with the home buyer grant and house and land packages across Victoria.
There has never been a better time to explore our house designs, display homes, and floor plans for our house and land packages throughout Victoria. If you’re a home buyer ready to find out more about home and land packages and custom builds, get in touch today to find out how we can design a new home to suit your land and budget and take advantage of home buyer grants.
