Victoria to scrap stamp duty concessions for investors

From July 1, the Victorian Government is set to scrap stamp duty concessions for off-the-plan (OTP) investors.

Currently with OTP purchases, investors pay the ‘dutiable value’ of the land only – it does not include the improved value of the lot once construction is completed. Once the changes are introduced, the average apartment at NewQuay will increase in cost by around $30,000.

The concessions currently make OTP apartment purchase in Victoria comparatively cheaper than other Australian states. The proposed changes not only brings Victoria in line with other Australian states but also will fund changes to the First Home Owners Grant.

Off-the-plan concessions will still apply to First Home Owners and to owner occupiers who plan to use their purchase as their principle place of residence.

If you’ve been thinking of purchasing an apartment for investment the concessions still apply to properties that settle after July 1, 2017.

For more information on how to take advantage of stamp duty savings before it’s too late contact the NewQuay team today on 1300 137 590 or via email here.