Officer development Potters Grove lures first-home buyers with additional sweetener as government deadline looms
Victorian first-home buyers who buy a residential lot or a house-and-land package in the outer-Melbourne development of Potters Grove before June 30 would save themselves in excess of $8,000 compared with those who wait until after this date.
And developer Integrated Development is throwing in an extra $5,000 sweetener for first-time buyers of land or house-and-land packages in Potters Grove, in Officer, about 50 kilometres south-east of Melbourne.
Marketed by Oliver Hume Real Estate, the 26 lots in the first release of Potters Grove range from 325square metres to 512 square metres and are priced between $169,000 and $222,000.
A number of house-and-land packages are also available, ranging from $332,124 to $495,640. All of these are substantially below the Victorian government’s $600,000 threshold for first-home buyers to secure the $13,000 first-home bonus, which expires on June 30.
From July 1 this year, first-home buyers will be entitled to a 20% reduction in stamp duty on houses under $600,000. A buyer of a $495,640 house-and-land package at Potters Grove would receive $13,000 from the Victorian government towards the purchase of her new home on June 30, compared with a savings of $4,342 in stamp duty on July 1.
The developer’s own $5,000 bonus also expires on June 30.
“Officer is fast becoming one of Victoria’s most sought-after address, and we’re excited to be able to give first-home buyers a helping hand in purchasing their very own home at Potters Grove,” says Integrated Development director Jeff Garvey.
The project launched on April 21, and 15 lots have been sold so far.
Potters Grove is named for the nearby Berwick Pottery, and it is less than a kilometre from Officer railway station.
The median house prices in Officer fell 8.1% in the past year to $320,000, according to RP Data.
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