Stamp Duty Savings - Big Benefits for Victorians

Massive Stamp Duty Savings for Victoria
Melbourne, Australia's largest city, is grappling with a significant housing shortage, with forecasts predicting a shortfall of approximately 10,000 dwellings each year. Since June 2023, Victoria has seen an influx of over 183,000 people—making it the state with the highest population growth—placing even greater strain on the housing market. As demand continues to outstrip supply, the pressure on both rental and housing markets in Melbourne is intensifying.

In response to this growing crisis, the State Government has introduced an exciting opportunity for property buyers to save substantial amounts on stamp duty. Currently, Melbourne is the most favourable buyer's market in the country, with off-the-plan developments offering the potential to save tens of thousands of dollars. This presents a rare and timely opportunity for both investors and owner-occupiers looking to capitalize on the market's unique conditions.

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So, How Does It Work?

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Stamp Duty Savings Overview:

When calculating stamp duty, consider only 40% of the total price.

For example, on a dutiable value of $259,200, the stamp duty payable would be just $10,622.

In contrast, if calculated on the full price of $648,000, the stamp duty would amount to $33,950.‍

This means a remarkable saving of $23,328 on stamp duty!

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For your reference, you can use this stamp duty calculator: Stamp Duty Calculator.

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Why?

This stamp duty initiative is a key component of the Victorian Government’s broader strategy to improve housing affordability and accelerate the construction of new homes. With an ambitious target of delivering 80,000 new homes annually over the next decade, the government is working to make off-the-plan properties more accessible to both investors and homebuyers, while simultaneously revitalizing Melbourne’s housing market. For developers, the reduction in stamp duty is expected to lower financial barriers and incentivize a surge in new projects, helping to address the city's growing housing shortage..

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Enquire below to learn about these stamp duty savings and how Greenrock Advisory can help you maximise your investment

Our team at GREENROCK is here to guide you through the process and ensure you make the most of these stamp duty incentives. Whether you're a first-time investor or looking build your portfolio, we can provide expert advice and help you navigate the opportunities available in the current market.

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Enquire Now

Joe:

Enquire

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Chloe:

0487 771 115

chloe@greenrockadvisory.com.au

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