Relief is in sight for home buyers purchasing off-the-plan units, apartments or townhouses with the Victorian Government’s plan to offer uncapped stamp duty concessions to ALL buyers of off-the-plan strata properties in Victoria.
REIV CEO Kelly Ryan hopes this is the first step in comprehensive stamp duty reform, with tax concessions introduced to incentivise investors and stimulate more development of high density homes across the state.
The announcement coincides with an infrastructure development program planned to introduce 50 new train and tram zones around high density housing projects.
While the details of the government’s announcement are not yet to hand, the REIV is closely watching further announcements in relation to the Housing Statement and will continue to pursue initiatives that will help to ease the housing crisis.
It’s baby steps, but hopefully it’s the start of better things to come.
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