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A move to update the bushfire risk status of properties in Victoria is expected to cut thousands from the cost of building a new home in many locations throughout the state.
Planning minister Matthew Guy announced today (August 2) that a review of bushfire risk mapping has seen 235,872 properties have their bushfire-prone status removed.
At the same time, 118,996 properties were included in prone areas, making for a net reduction of more than 116,000 lots.
Mr Guy stressed the importance of making sure that areas designated bushfire-prone were up to date and accurate.
"Victoria must have best practice bushfire safety building regulations to protect life and property, but these regulations must always be reviewed and contemporised as our towns and cities grow," said the minister in a statement.
The government says that property owners whose lots now lie outside of bushfire-prone area mapping should save around $200 on the cost of a Bushfire Attack Level assessment.
The savings for those planning to build on such properties are expected to amount to approximately $3,000.
Any way to save money on a new home is likely to be much appreciated by home buyers.
Master Builders Victoria welcomed the government's review and called it "a win for housing affordability" in the state.
Executive director Brian Welch went further than the government's estimations, saying that home buyers in the state could save up to $10,000 on the cost of a new home.
He added that these potential savings could provide a timely bit of assistance for those finding it difficult to jump the financial hurdles to investing in their own property.
"People building new homes in communities genuinely at risk of bushfire should be protected, but adding unnecessary costs to tens of thousands of properties with no risks hurts home ownership rates and hurts our industry," said Mr Welch.
"The make up of our cities, suburbs and regional communities constantly changes and it is important that bushfire maps adequately account for these changes now and in the future."
Buyers of new homes in Victoria can get an added boost from the state government's First Home Owner Grant (FHOG).
Eligible first home buyers could qualify for a payment of up to $10,000 to build or purchase a new home.
The government also offers those who qualify for the FHOG a discount on stamp duty proportional to the value of the property, for principal places of residence valued at $600,000 or less.
