The Victorian Government is now offering a one-off stamp duty incentive for investors and owner-occupiers thinking of buying property.
On November 24th, The Victorian Government announced stamp duty discounts of up to 50% as a stimulus to the post-Covid housing market and the building industry. The stamp duty waivers are only available through to the end of June 2021 – a relatively short window.
The savings differ for new and existing homes. The full 50% stamp duty relief applies to those buying newly built homes valued up to $1,000,000. Australians purchasing existing homes can access a 25% waiver up to the same $1,000,000.
On a $1.0 million new property, for example, Stamp Duty falls from $55,000 to $27,500 for eligible purchasers, according to the Victorian Government stamp duty calculator.
Vendors could reap the rewards, perhaps achieving a higher price because buyers will have extra to spend. That might encourage more vendors to sell, a positive because stock levels are very low and property listings dramatically down on historical levels.
The government generally looks to support first home buyers; however, the discount could also bring investors back to the market who are also eligible for the waiver.
If you are ready to enter the property market as an owner-occupier or investor but need some advice on your options, call Guy or Geoff at ela Property Advocates. Guy Angwin. 0412 022 998 or Geoff Briscoe 0418 740 351. http://www.elapropertyadvocates.com.