In a groundbreaking move, the Victorian government has announced significant stamp duty cuts for off-the-plan property buyers, effective immediately! This limited-time offer, is a game-changer for prospective buyers, investors, and owner-occupiers alike.
Stamp Duty Slashed! ✂️ That’s right, you can ditch the hefty upfront tax on brand new apartments, units, and townhouses. This limited-time offer could save you a whopping $28,000 on a $620,000 property! That’s like putting a brand new car in your driveway!
What’s Changing?
Previously, stamp duty was calculated based on the total property price, including construction value. Now, it will be calculated solely on the land value before construction begins. This shift in policy reduces the financial burden for buyers, especially in metropolitan areas where property prices continue to rise.
Who Benefits?
- All Buyers: No cap on eligibility; open to all buyers, not just first-home purchasers.
- Off-the-Plan Properties: Applies to apartments, units, and townhouses within a strata subdivision.
- Investors: Eligibility expanded to include investors.
So, What Does This Mean for You?
If you’re a property hunter, this is a golden opportunity to snag a bargain. But do your research! Consider the location, construction timeline, and potential future costs before diving in.
This is just the first chapter in Victoria’s housing saga. Stay tuned as the plot thickens!
This article is just the tip of the iceberg! Stay tuned for further updates on how this stamp duty slash unfolds. Will it be a housing boom or a short-lived blip? We’ll be watching closely!