Prices have continued to increase as have our duties and taxes to match. Finally the Real Estate Institute's lobbying has paid off and the State Budget announced that land tax rates would drop from the top rate of 2.5% to 2.25 %.
Also, for the first time in a decade stamp duty thresholds have been lifted by 10%. Don't forget there is a different rate for your principal place of residence compared to other property purchases such as holiday homes, commercial and investment properties. Pensioner and concession cardholders are also better off. For example a pensioner may be eligible to buy a home worth up to $330,000 and pay no duty at all. Upwards of this figure the benefit reduces.
It would certainly pay to do your homework before buying if you can take advantage of these concessions. The new rates and relative information can be viewed on http://www.sro.vic.gov.au.
in Miscellaneous
News and Lifestyle View the Latest Updates
-
Late Summer Landscape Tips: Boost Your Garden’s Appeal for… January 30thAs Summer winds down (or is it up??), it's easy to think that the hard work of maintaining your garden is over.
-
Market Update | 14 & 15 December 2024 December 17thProperty prices have risen throughout the year across the country, though the rate of growth has slowed from the fast...