Off-the-plan vs established: first home buyer comparison

First home buyers in Bendigo settled 142 off-the-plan contracts in the first half of 2026, compared with 189 purchases of established houses in the same period, according to local title office data.

The split reflects pressure on the $490,000 median house price and the Victorian First Home Owner Grant, which now caps at $10,000 for properties under $600,000 and requires construction to begin within 12 months of contract signing.

Remote workers and Melbourne commuters continue to target Flora Hill and Strathdale, where established three-bedroom homes on streets such as Napier Street and Edwards Road sell between $465,000 and $525,000. Off-the-plan buyers instead look to new stages in Epsom and Huntly, where developers offer four-bedroom homes from $495,000 with the grant applied at settlement.

Established homes deliver immediate occupancy and lower risk of construction delays that have pushed some off-the-plan settlements from 2025 into late 2026. Off-the-plan purchases, however, often include stamp duty concessions and modern energy ratings that appeal to buyers planning long-term occupancy in the arts and culture hub.

Grant timing and costs

The grant requires proof of permanent residency and a six-month occupancy period after settlement. Buyers choosing established properties in Strathdale can complete purchases within eight weeks, while off-the-plan contracts in new Flora Hill releases often list 18-month build periods that risk missing the current grant window if construction stalls.

Practical next steps

Prospective buyers should contact the Bendigo office of the State Revenue Office before 30 September to lock in current grant rates and inspect both new estates near the Bendigo Railway Station and established listings through local agents. Checking body corporate fees on off-the-plan apartments and obtaining building inspections on established homes remain essential before signing.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.