Last Chance: Save ~A$20K Before Stamp Duty Increase On Melbourne Property

4 months ago 0 0 140

  Stamp duty will be increasing in Melbourne again. This increase is caused by the removal of the off-plan stamp duty concession on Melbourne property, which will affect all buyers. THIS WEEK COULD PROVE THE LAST CHANCE FOR YOU TO SAVE ~$A20K in stamp duty on Melbourne property. WANT TO KNOW MORE ABOUT THE STAMP DUTY INCREASE? WATCH THIS VIDEO: This video follows articles that we had written and published on our website previously regarding this change from as far back as 2 months ago. To read our article on the new stamp duty increase, please click HERE. To read about Vacant Residential Property Tax (VRPT), please click HERE. These articles and video are our way of sharing knowledge with our clients and friends. — This is another Knowledge Series by CSI Properties (Cornerstone International). CSI Properties (Cornerstone International) proudly promotes international investment property with high yields at low risk. Our portfolio

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Melbourne: Vacancy Tax to Hit Foreign Property Buyers

5 months ago 0 0 748

Government measures for affordable housing at expense of foreign investors: (i) Vacant Residential Property Tax (VRPT) (ii) New residential developments restricted to only 50% foreign buyers Last month we published an article announcing the latest raft of changes by the government to scrap off-the-plan stamp duty concessions in order to waive stamp duties for first-time buyers of houses worth up to $600,000 in Melbourne. (Click HERE to access the article). More restrictions are in store for foreign investors. The Victoria government has also now effected a vacancy tax (Vacant Residential Property Tax or VRPT) which will will cost foreign buyers who don’t have a tenant in their property (or live in it themselves) for more than 6 months in a year, an annual penalty of 1% of the property’s capital-improved value. This means investors with a home worth $500,000 will pay $5,000 in tax if they don’t rent the place

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Why Investors Must Buy Melbourne Property NOW before 1 July 2017

6 months ago 0 1 1512

From 1 July 2017, purchasers of off-the-plan (not yet built) commercial or residential investment properties will be liable to stamp duty on the purchase price or market value of the property (whichever greater) Investors will possibly pay approximately $15K – $20K* more than what they are currently paying Off-the-plan concession only for purchasers who make the property their principal dwelling  Investors should get into the Melbourne property market NOW and exchange by 30 June 2017 to avoid hefty stamp duty charges, which could cost some $15K to $20K* more than current rates. From 1 July 2017, investors of Melbourne property are no longer eligible for stamp duty concessions, resulting in payment of tens of thousands of dollars more. Note: Victoria is the only state in Australia that has stamp duty concessions. The increase in stamp duty charges are due to the Victoria government’s changes to the First Home Owner Grant

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Australia’s Housing Market To Remain Bubbling

7 months ago 0 1 1543

Very recently, the Victorian government announced the abolishment of the controversial stamp duty for first-time homebuyers. This ‘lifeline’ to young people struggling to get on the property ladder takes effect from July 2017 and is applicable for any homebuyer in Victoria whose property costs less than AUD$600K. In a market where experts and market watchers are spouting concern over housing undersupply and skyrocketing house prices, this could well be ‘the road to hell being paved by good intentions’. Why? Because simple economics tells us that cheaper property prices (in the form of the abolished stamp duty in this case) will stimulate demand. And increased demand in an overheated market will push prices higher in that price range. Even Federal Treasurer Scott Morrison has shared his reservations, which you can read here. Compounding this is the low interest rates (the central bank slashed rates twice last year) which  contributed to the boom in

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Melbourne – 3 Weeks to Stamp Duty Increase

1 year ago 0 1 1008

TICK TOCK. The clock is ticking. Come 1 July 2016, the 4% increase in stamp duty surcharge imposed by the Victoria state government on foreign property investors shall take effect. This increase, announced late April 2016, comes hard on the heels of the 3% stamp duty surcharge introduced on 1 July last year. Victoria’s new stamp duty for foreign buyers of residential property is similar to changes adopted by the governments of Hong Kong, Singapore (and Malaysia), which charge an additional 15% stamp duty over and above the amount paid by domestic buyers. Below is a FAQ detailing what the increase in stamp duty surcharge means for the foreign investor, and the implications to housing and investment into Victoria moving forward. What is the new stamp duty rate imposed on foreign purchasers on 1 July 2016? On 1 July 2016, foreigners will have to pay a stamp duty of 7% on purchases of

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