By Alesha Capone
First-home buyers in Wyndham have saved more than $33.8 million in stamp duty exemptions in a year.
Figures from the state government show that in the 2017-18 financial year, 1615 first-home buyers in the area were exempted from paying some or all of a property’s stamp duty.
In comparison, during the previous financial year, 1273 Wyndham first-home buyers saved more than $11.8 million in stamp duty exemptions.
The state government last year introduced changes to legislation so that people buying a first home valued at $600,000 or less do not have to pay stamp duty.
People buying a first home with a value of between $600,001 and $750,000 receive a concession in the amount of stamp duty they pay.
Bassam Tofaili, from YPA Wyndham City, said the stamp duty exemptions made a “big difference” for some first-home buyers.
He said that while house prices in some parts of Werribee and Hoppers Crossing were rising beyond the reach of some first-home buyers, suburbs that remained popular included Tarneit, Wyndham Vale and Manor Lakes.
“In those areas, people are getting great value for money in comparison to buying something similar in the south-east or northern suburbs,” he said.
