Victorian stamp duty relief welcomed

by Mackenzie McCarty02 May 2012

The housing industry has welcomed Victoria's funding for stamp duty cuts for first homebuyers.

Despite a 1 May budget hit by large stamp duty income write-downs for the Victorian Government, it has promised $65m to fund an increase in stamp duty cuts from 20% to 30% from 1 January 2013.

A fist homebuyer bonus of $13,000 for newly constructed homes will expire in June, with the government saying all first time buyers spending less than $600,000 will benefit from the new policy.

Victoria still offers a first home owner grant of $7000 for homes under the value of $750,000.

“The provision of $65m to fund the increase of stamp duty cuts for first home buyers is welcome, given the severe economic constraints in this budget," the Real Estate Institute of Victoria's Enzo Raimondo said.

“The REIV called for the government to refocus assistance for all first home buyers and we welcome
that change," he said.

 

COMMENTS

  • by Country Broker 2/05/2012 12:41:21 PM

    How can a First home buyer in regional Victoria be better off , especailly if they were constructing a house and were receiving a 19,500 bonus for regional construction as opposed to $13,000 in the Metro area , If the y buy a block for say 120,000 the stamp duty saving will be say 1,000 , its all BS and some and Mirrors , regional Vic neglected again as this goverment has done from the outset , it will stop housing starts in Ballarat , Bendigo , Latrobe valley , Wodonga , Shepparton , Echuca, Warnambool in its tracks , as a First home owner will be better off buying an established home for say 250,000 and save say $3,000 in stamp duty , very poor decision making . The Victorian treasury obviously are metro centric!