AS GENERATION Y feels the pinch of rising house prices across the country, astute young buyers are taking to affordable city-fringe suburbs and capitalising on buying incentives to gain a foothold in the market.
Eighteen year old Charles Bates has bought his first home at Villa World’s Lavinia estate in Greenvale, 20 kilometres from Melbourne’s CBD.
As a first home buyer purchasing a newly built home, Mr Bates was eligible for the Victorian First Home Owner Grant of $10,000 as well as stamp duty concessions.
He said his parents volunteered as guarantors after he spent many years saving up for a deposit.
“I worked for the family business after leaving school in year 10 and lived with my parents so I had the opportunity to save a house deposit,” he said.
“I was fortunate to be in that circumstance and knew I had to capitalise on the opportunity.”
Mr Bates said he originally thought buying a new home would be out of reach.
“But I looked into areas that were affordable and becoming established, providing a good opportunity for capital growth,” he said.
“The First Home Owner Grant also gave me a leg-up.”
Mr Bates said it was a family member who had purchased at Lavinia who recommended he take a look.
“My parents were big supporters and they saw I had a limited window to buy in the Lavinia estate and agreed the property market in that area was only going to rise – so we hit the go button,” he said.
The Lavinia community borders the Greenvale nature reserve in North Melbourne and is within five kilometres of shopping outlets, public transport routes, medical centres and educational facilities.
Villa World CEO and managing director Craig Treasure said it was reassuring to see young first home buyers purchasing in Villa World projects.
“One of the things we pride ourselves on is that Villa World homes are aspirational but attainable,” he said.
“We have gained a lot of traction with the first home buyer market across projects in Queensland and Victoria.
“They have the benefit of government grants to assist them in their property purchase but ultimately it is the combination of location and affordability that has galvanised their interest in Villa World communities.”
Remaining homes are priced from $429,000.
For more information visit laviniagreenvale.com.au or call 1800 823 337.
