Hot on the heels of the NSW housing affordability reform announcement, the Victorian government passed legislation today scrapping stamp duty for properties valued up to $600,000.
And yep, just like NSW, the exemption applies to all properties, not just new ones. It’s bloody good news for everyone who’d resigned themselves to share housing for the next 50 years – there may be hope for home ownership yet, even with our crippling avocado addictions.
First home buyers with their eyes on places that are on the spenno side are set to catch a break, too, with a sliding scale concession applying to properties between $600,000 and $750,000.
And a big, hearty “sucked in” to indiscriminate investment buyers, who will see their stamp-duty concession go bye-bye unless they’re planning to actually live in their off-the-plan houses.
On top of that, a Vacant Residential Property Tax will be introduced in order to try to deal with the insulting fact that there’s a bunch of empty houses languishing throughout Melbourne.
Premier Daniel Andrews said of the changes:
“In the past, if you worked hard and saved enough, you could afford to buy your own home. Now, that’s getting harder and harder.“These changes will help thousands of Victorians make the Great Australian Dream a reality.“With negative gearing and capital gains tax concessions, the odds are already stacked against first home buyers. This will help level the playing field.“
Source: Premier of Victoria.
Image: Tobias Titz / Getty.