7 March 2017
Some good news for first home buyers in Victoria.
The Premier, Daniel Andrews has announced that stamp duty for first home buyers will be abolished for purchases below $600,000. There will also be some discounts for properties worth between $600,000 and $700,000.
The concession will apply to both new and established homes.
The Victorian Government will also remove off-the-plan stamp duty concessions on investment properties; the off-the-plan stamp duty concession will now be available solely for those who intend to live in the property or who are eligible for the first home buyer stamp duty concession.
At the same time, a vacant residential property tax will be introduced. This will be levied at 1%, multiplied by the capital improved value of the taxable property. For example, if the property has a capital improved value of $1,000,000, the amount paid will be $10,000. There will be a number of exemptions, including for holiday homes, deceased estates and homes owned by Victorians who are temporarily overseas.
