I'm looking at buying a property in the next 3 to 4 months. (650k to 800k)
I've been looking for a while to be honest, but this news about stamp duty felt like a win…or is it?
Will this now make it harder for me to purchase with more competition likely because of the 1 million cut off? (Previously up to 650k- Concession)
I mean if I could I would prefer to buy my house using giftcards, but that's not possible.
Victorian budget: Stamp duty for new homes to be reduced by 50 per cent
Is this because most politicians have around 4 investment properties, much like the people their own age and can't afford the prices to drop?
That. And home owners are a significant vote bloc whose wealth is tied heavily to the properties they own. Any government that allows prices to crash, even by accident or no fault of their own, will lose their credibility for the next couple of elections.
Depends, is this your first property? Then it's probably a negative as now the stamp duty concession is open to everyone at 25%
Yeah it's gonna be our first. It's hard, we are trying to be optimistic and see it that more houses will be for sale now…rather then low stock and big demand.
If a jobkeeper/jobseeker initiative wasn't in place, no doubt prices would have dropped….but i guess the government can't afford that to happen.
You’ll hope vendors don’t jack there prices to plug the savings from reduced stamp duty. Like with first home buyers grant, house prices jacked offset any “saving” a buyer would have had :(
You are going to face a LOT more competition and it’s not a win. Time again these “discounts” have only resulted in the discount value being added to the price. And this sector of the market was already hotly contested because most people can get finance for properties in that range without issue.
Good luck mate.
I think everyone's right, unfortunately prices are just going to increase accordingly.
We signed a contract on the 7th of November, I was excited when I heard this news but then read it only applied from 25th of November, bummer.
The government will continue to do everything in its power to keep house prices up. This can be dressed up as a way to help first home buyers buy it isn't. The house price just goes up by a similar amount and the govt ends up losing out on the tax which they'll recover elsewhere