Stamp Duty CUT 50%- VIC

[Mick C]

http://www.smh.com.au/business/behi...-tail-for-property-sector-20110504-1e8fw.html



I guess it's considered old news now...but still YA! stamp duty cut for FHO in VIC!!! 20% from July 2011 increasing by 10% Per year and finally reaching the magic 50% by the time it hits 2014.

Probably wont make a big difference, as stamp duty in VIC is one of the highest in the first place and compare to NSW NO stamp duty, it's peanuts.


Regards
Michael

 

[Ausprop]

yawn - another carrot for FHOs. One day the govt may realise that there are other people in this country as well

 

[melbmeg]

Speaking of which...

Does anyone know what the new sliding scale for aged pensioners in Vic looks like post 1 July 2011? (They have extended the discount to properties up to $750,000.)

I am trying to work out what the stamp duty would be for my mother on a $700,000 property after 1 July 2011.

 

[Sean M]

YAY! But please do not tell the agent its your first house when your negotiating or else they will build the difference into the negotiations !

 

[Peter_Tersteeg]

It's too grandual to have any significant impact on the market, but it does substantially lower the entry cost for first home buyers.

The total market effect will be negligible however. FHBs on lower incomes often buy off the plan in which case it'll likely only save $2-4k. Those on higher incomes who've been aiming to buy established properties already have a savings plan or family to help so it will only bring their plans ahead by a few months.

Either way it's not going to change the market in a major way. It doesn't change the affordability either. It is a windfall for the purchaser however.