New data shows downsizers and first homebuyers to receive extra cash in plan to revive Victoria’s housing market

New data reveals that four in five Victorians blame state property taxes for the soaring housing costs, highlighting widespread concern over affordability. In response, a new plan proposes offering extra cash incentives to downsizers and first homebuyers to help get the Victorian housing market off ‘life support’. This strategy aims to ease financial pressure and stimulate market activity by encouraging homeowners to downsize, freeing up larger family homes for new buyers. The poll underscores the critical role state taxes play in driving housing prices higher, and the proposed measures could provide much-needed relief for buyers struggling in the current market. With housing affordability ranking high on the public agenda ahead of the state election, the plan is positioned as a key solution to tackle rising costs. Experts suggest that these targeted incentives could help balance supply and demand dynamics while supporting those looking to enter or move within the market. Ultimately, this approach hopes to stabilize Victoria’s housing sector and make homeownership more accessible for first-timers and retirees alike.

Herald Sun

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