Melbourne poised for real estate rebound
While 2020 has had its challenges, property hunters have had lots to celebrate recently courtesy of a host of buyer incentives across the market as a whole from both State and Federal Governments, and these are applicable to both local and international purchasers, with a view to supporting Melbourne’s real estate market.
Complementing all-time low interest rates of 0.10 per cent, the Victorian Government has also announced a new stamp duty concession that will slash costs by as much as half for eligible purchasers.
Owner occupiers and investors in Victoria can access 50 per cent stamp duty savings on new homes valued up to $1 million. And purchasers of existing homes can also access 25 per cent savings to stamp duty fees – with both concessions available until Wednesday 30 June 2021.
Foreign Purchaser Additional Duty (foreign purchaser tax) still applies to international investors, however the same 50 per cent land transfer duty (stamp duty) concessions are available to overseas purchasers.
To learn more about the new stamp duty waivers, follow this link, or book a private appointment with one of our experienced sales professionals who can field any queries you might have while showing you through one of our beautiful display apartments.
From everyone at OSK Property and Melbourne Square, we wish you a safe and relaxing holiday season and hope to see you at our exciting new lifestyle precinct soon!