Canberra Question

G'Day all,

Years ago when I studied Real Estate Valuation, I remember being enlightened by our valuer/lecturer that there was no freehold ownership of land in Canberra and that all land was on long term leasehold as Canberra itself was developed on land that was originally leased from the state of NSW.
I also remember at the time that some of the original 50 year land leases were coming up to the end of the term.

Question is: Is this still the case or have they now somehow changed to freehold title.

Reason I am asking: I have been invited to participate in a joint venture there and I don't want to look like the idiot that I am.

So people........PLEASE HELP ME!

regards
 
Hi Jakk

I am pretty sure it is still 99year leasehold which is quite along time no doubt some other forumites will be able to give you a more detailed answer.

Crusty:p
 
They were 99 year leases. Old Parliament House was built in 1927- I assume there wasn't an awful lot before then. So the very earliest leases probably have 25 years to run.

I vaguely remember this being an issue for people who were considering their childrens' future- and there's a vague memory about assurances that everything was OK.

My understanding was that the lease bit was done so that the government had more control over the land and the way it was used.

If it's a newer area it won't be a problem.

And don't forget that Stamp Duty on a lease is deductible in the year in which it was incurred.

[Edit]There were some leasholds in the 1970s for 50 years- http://mccannassoc.com.au/sep97.shtml
 
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