Few things are as infuriating as the addition of stamp duty to the sale price of a property. Thankfully in Victoria, the state government has recently made changes which have spared many first home-buyers from paying any stamp duty at all. But any first timers preparing to enter the market should be aware of an important distinction that can make a substantial difference to how much stamp duty they end up paying.
Melbourne is well on its way to overtaking its big sister Sydney in every respect, from number of residents to economic growth and industry. Melbourne is home to the Australian Open, Formula 1 Grand Prix and Aussie Rules football. Then there’s some of the country’s most respected schools and universities, and the inner city’s thriving hub of art, food and fashion. It’s easy to see why people are flocking to Melbourne in droves, determined to make Australia’s cultural capital their home. So, what are Melbourne’s city planners and government officials doing to prepare for the future?
Melbourne and Sydney have long enjoyed a healthy rivalry. To Melbourne, Sydney lauds its beautiful harbour. In return, Melbourne extolls the virtues of its dynamic suburbs, thriving restaurant and bar scene, and jam-packed major-events calendar. While Sydney has always laid claim to having Australia’s premier real estate market, some experts believe Melbourne has all the fundamentals in place to take out top spot. Here’s a few reason why Melbourne is outshining Sydney for savvy buyers and investors…
Victorians pay millions of dollars in stamp duty each year. In fact, when purchasing a $500,000 property, Victorian buyers can hand over upwards of $20,000 in stamp duty fees. But all of that is set to change, with the news that stamp duty laws in Victoria are evolving. As of the July 1, 2017, the Victorian State Government will abolish stamp duty for first home buyers on some purchases, and reduce it for others. For first home buyers, properties purchased under $600,000 will be completely free of stamp duty, while those shopping between $600,001 and $750,000 will pay a reduced rate.
Melbourne is a city you can always count on to be endlessly evolving. While the CBD and inner-city gets most of the attention, there’s plenty else in Melbourne to discover. If you’re keen to venture out a bit further you’ll also find plenty of hidden gems, local favourites, great shopping destinations and plenty of grassy parklands, especially in Melbourne’s south-east. Hop in your car, or jump on a train and enjoy some of these south-east hot spots, all located within 10-20 kilometres of Melbourne’s CBD.
Apartment living is catching on right throughout Melbourne. For the first time ever apartment sales outside Melbourne’s CBD are outstripping those within it. That is the key message out of a recently released report by property consultants Urbis.
