If you are weighing up where to buy in Mickleham, one of the first decisions is whether to buy an established home or build something brand new. An established home can feel like the simpler option, but the numbers often tell a different story.
Once you add up the government support, the upfront costs and what you actually get for your money, a new house and land package can put you well ahead. Whether you are a first home buyer or an investor, here is how the two compare.
Key Advantages of House & Land vs an Established Home
| # | Incentive / Advantage | Policy Overview | Advantage vs Established | Buyer Benefit |
|---|---|---|---|---|
| 1 | First Home Owner Grant | VIC Government grant for eligible first home buyers buying or building a new home up to $750,000. #T&C’s apply | New: $10,000. Established: $0 | Reduces upfront cash |
| 2 | Stamp Duty | For vacant land plus a separate build contract, duty is generally assessed on the land value only. *T&C’s apply | For a $720,000 house and land package ($430,000 land + $290,000 build), duty is assessed on the $430,000 land component. An eligible first home buyer could pay $0, a saving of around $38,300 vs a $720,000 established home under standard Victorian rates, depending on eligibility | Reduces upfront costs |
| 3 | Help to Buy | Government shared equity of up to 40% for new vs 30% for established, with a $950,000 price cap. The government’s share must eventually be repaid. ^T&C’s apply | For a $720,000 house and land package: $720,000 × (40% − 30%) = $72,000 more in potential shared equity | Increases buying capacity |
| 4 | Negative Gearing | From 1 July 2027, negative gearing will be limited for established investment properties acquired after 7:30 pm AEST on 12 May 2026. ~T&C’s apply | Eligible new house and land retains full negative gearing benefits. Affected established properties can generally only offset rental losses against residential property income, with unused losses carried forward | Improves investor cashflow and borrowing capacity |
| 5 | Brand-New Home | Even in a growing suburb like Mickleham, established homes have already been lived in | Brand-new condition, modern specifications and no existing wear and tear | Reduces ownership costs |
#The Victorian Government First Home Owner Grant of $10,000 applies to eligible first home buyers purchasing or building a new home valued up to $750,000. Eligibility criteria apply. See the First Home Owner Grant (State Revenue Office Victoria).
*Eligible Victorian first home buyers pay no stamp duty on homes or vacant land valued up to $600,000, with a concession for properties valued from $600,001 to $750,000 (Victorian State Revenue Office). An eligible first home buyer purchasing an established home valued between $650,000 and $800,000 would typically pay around $11,000 to $43,000 in stamp duty, compared with potentially $0 on the land component of a house and land package.
^Help to Buy is an Australian Government shared equity scheme. Eligibility criteria and property price caps apply. See Help to Buy (Australian Government).
~Negative gearing reforms were legislated in 2026 and will take effect from 1 July 2027. Eligibility and transitional arrangements apply. See the Australian Taxation Office for further information.
More Money in Your Pocket on Day One
For first home buyers, the biggest hurdle is usually the upfront cost, not the repayments. This is where buying new really stands out.
The Victorian First Home Owner Grant puts $10,000 towards a new home valued up to $750,000 for eligible buyers. Buy an established home and that grant is simply not available.
Then there’s stamp duty. When you buy land and sign a separate build contract, duty is generally only assessed on the land. With land at Woodsong starting from $398,500, most lots sit well under the $600,000 first home buyer threshold. On a $720,000 house and land package with a $430,000 lot, an eligible first home buyer could pay no stamp duty at all. By comparison, a $720,000 established home would generally attract around $38,300 in stamp duty under standard Victorian rates. Actual savings depend on eligibility and the purchase structure.
A Bigger Boost From Help to Buy
Help to Buy is a shared equity scheme, meaning the government contributes towards the purchase price in exchange for an ownership share in the property, which must eventually be repaid under the scheme’s conditions. For a new home, that share can be up to 40%. For an established home, it is capped at 30%.
On a $720,000 house and land package, that 10% difference adds up to $72,000 more in potential shared equity, subject to eligibility. In practice, that means a smaller loan, lower repayments or the ability to step up to a bigger home.
Why Investors Are Looking at New
Following reforms legislated in 2026, from 1 July 2027, negative gearing will be limited for established investment properties acquired after 7:30 pm AEST on 12 May 2026. Investors who buy an eligible new house and land package can continue to offset rental losses against salary income.
For affected established properties, rental losses can generally only be offset against residential property income, with unused losses carried forward to future years. For investors, that difference can have a real impact on cashflow and borrowing capacity, making new builds the stronger long-term play.
Brand New Means Brand New
The numbers matter, but so does the home itself. Mickleham may be one of Melbourne’s newer suburbs, but an established home here has still been lived in. That can mean worn carpets, ageing appliances and maintenance bills you did not plan for.
A new home gives you modern design, current energy standards, NBN fibre to the premises and everything under warranty. You choose the floor plan, the finishes and the layout that suits your family, and you are the first to call it home.
Build New at Woodsong
If buying new makes sense on paper, Woodsong makes it easy in real life. Developed by HB Land, Woodsong is a growing community in the heart of Mickleham where the essentials are already close by.
Gamadji Primary School, which opened for Term 1 2026, sits right next door, with places for up to 650 students from Prep to Year 6 and a government early learning and childcare centre on the same site. In total, there are 17 current and future public and private schools within 6 km. Craigieburn Central shopping centre is 5 km away, Melbourne’s CBD is 36 km away and Tullamarine Airport is just 15 km from home.
Woodsong is also designed around nature, with landscaped wetlands, conservation reserves, walking and bike paths, picnic shelters and parklands, plus Mt Ridley Nature Conservation Reserve, Woodlands Historic Park and Marnong Estate all nearby. In the new Boulevard at Woodsong precinct, construction is underway on Serenade Boulevard, a tree-lined entry with a new signalised intersection at Mickleham Road. Explore the location.
Woodsong has a wide range of land and house and land packages to suit first home buyers, upgraders, downsizers and investors. Choose your land and bring your own builder, or talk to us about packages from more than a dozen leading builders. First home buyers can also find more support in our First Home Hub.
Come and See for Yourself
The best way to compare your options is to talk them through in person. Visit the Woodsong Sales Office at 1720 Mickleham Road, Mickleham VIC 3064, open 7 days from 11am to 5pm, or call the team on (03) 9961 4362 to talk through current land, house and land packages and the incentives you may be eligible for. You can also enquire online and we will be in touch.
This article contains general information only and does not take into account your personal circumstances. Grant, stamp duty, Help to Buy and negative gearing eligibility depends on individual circumstances, and government policies may change. Figures shown are illustrative examples only. Please seek independent financial, legal and tax advice and refer to the Victorian State Revenue Office and relevant government sources before making any decisions. Prices and availability correct at time of publication and subject to change.
FAQs
Why buy a new home instead of an established home in Mickleham?
Buying new can reduce your upfront costs and increase your buying capacity. Eligible buyers can access the $10,000 First Home Owner Grant, pay stamp duty on the land component only with a separate build contract, and receive a larger Help to Buy shared equity contribution. You also get a brand-new home with modern specifications, built to current standards and under warranty.
Can I get the First Home Owner Grant on an established home in Victoria?
No. The Victorian First Home Owner Grant of $10,000 applies to eligible first home buyers purchasing or building a new home valued up to $750,000. Established homes are not eligible.
How does stamp duty work on a house and land package?
When you buy vacant land and sign a separate build contract, stamp duty is assessed on the land value only. Eligible Victorian first home buyers pay no stamp duty on vacant land valued up to $600,000, with concessions up to $750,000. On a $720,000 package with a $430,000 lot, this could mean savings of around $38,300 compared with a $720,000 established home under standard Victorian rates, depending on eligibility.
How is Help to Buy different for new and established homes?
Under Help to Buy, the government can take an equity share of up to 40% for a new home, compared with 30% for an established home, with a $950,000 price cap. On a $720,000 house and land package, that’s an extra $72,000 in potential shared equity, subject to eligibility. The government’s ownership share must eventually be repaid under the scheme’s conditions.
Can investors still negatively gear a new home?
Yes. From 1 July 2027, negative gearing restrictions will apply to established investment properties acquired after 7:30 pm AEST on 12 May 2026. Eligible new builds retain full negative gearing benefits, while affected established properties can generally only offset rental losses against residential property income or carry them forward.
How much is land at Woodsong?
Land at Woodsong currently starts from $398,500, with house and land packages available from a range of builders. Prices and availability change regularly, so visit the Sales Office or view current land for sale for the latest options.
Ready to compare your options? Visit the Sales Office at 1720 Mickleham Road, Mickleham VIC 3064, open 7 days 11am to 5pm, call (03) 9961 4362, or enquire online to view current land and house and land packages.