The Victorian Government is shaking up the property market with a new stamp duty regulation set to benefit investors. Starting 21 October 2024, buyers of off-the-plan apartments, units, and townhouses in strata developments will enjoy a temporary elimination of stamp duty for one year. This move is part of a strategic initiative to boost housing supply and make investment opportunities more attractive.
This temporary concession opens doors for a broader range of purchasers, including investors, companies, and trusts, removing the previous restrictions tied to principal residence and first-home buyer concessions. By expanding eligibility, the government aims to stimulate the property market, encouraging development and creating more opportunities for savvy investors.
For those purchasing off-the-plan, the new concession means significant savings. By deducting construction costs incurred post-contract from the purchase price, investors can benefit from a drastically reduced dutiable value. For example, the stamp duty on a $620,000 apartment could drop from $32,000 to approximately $4,000 — that’s a potential saving of $28,000!
Now is the perfect time to explore Victoria’s property market and capitalise on these changes. If you’re interested in exploring opportunities, reach out to Property Club at enquiries@propertyclub.com.au and let’s secure your next investment!
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