news

Victoria state govt offers developers relief on stamp duty

MELBOURNE (May 23): Victoria state government will waive stamp duty on newly completed homes that have been unsold for a year or more and from July it will extend the stamp duty concession to new off-the-plan purchases worth up to A$1 million (RM3.2 million), reported news.com.au.

During the announcement of the state government on May 20, Victoria government said the increased threshold will apply for contracts entered into from July 1, 2021, to June 30, 2023.

According to the report, for new residential properties worth up to A$1 million that have been on the market for less than 12 months, a new 50% concession will apply for contracts entered into from July 1, 2021, to June 30, 2022.

Victorians buying new residential property worth up to A$1m in greater Melbourne will get a concession of up to 100% on stamp duty if the property has been unsold for more than 12 months.

Get the latest news @ www.EdgeProp.my

Subscribe to our Telegram channel for the latest stories and updates 

Click here for more property stories

Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.
SHARE
RELATED POSTS
  1. Unexpected earthquake sends panic across Australia's Victoria
  2. Eco World International 1Q profit jumps 10-fold to RM56m, pays one sen maiden dividend
  3. Budget 2021: Industry feedback on stamp duty exemption for abandoned projects