Investors interested in purchasing property off the plan in Victoria should consider making their move sooner rather than later. The Victorian Government recently announced a raft of changes in order to make home ownership more affordable, particularly for first home buyers. One of the new measures announced will effectively remove the current concession available to off the plan investors. Help for first home buyers Stamp duty will be abolished for first home buyers purchasing properties valued at less than $600,000. A tapered discount will apply to properties valued between $600,000 and $750,000. This change is being introduced in an attempt to reduce the hurdle of upfront costs for first home buyers and will apply to both new and existing properties.
Victorian Treasurer Tim Pallas proudly declared recently that he hopes the government’s latest tax doesn’t spin a single cent in revenue. The new one per cent tax squared at owners of vacant homes is designed to get more houses on the market and improve affordability, rather than generate income. It forms part of a bold raft of initiatives set to be introduced by the Victorian Government later this year.
Watch Christian Numa, Director of Amity Property Group, speak about the impending changes to Victoria’s stamp duty laws and how they will effect Melbourne’s apartment market.
