Stamp duty in Victoria is set to be halved for some buyers, the state government has said.
Almost 15,000 first home buyers in Victoria have already taken advantage of a 20 per cent cut to stamp duty. However, Victorian treasurer Kim Wells said that from 1 January 2013, the total stamp duty cut would be increased to 30 per cent for eligible first home buyers.
These reductions will be continued, reaching 50 per cent by September 2014, “saving first home buyers up to $15,535”, Mr Wells said.
“We understand that it can be tough going to get a foothold in the housing market, which is why we are investing significantly in support for first home buyers,” he said.
He also pointed to the weaker housing market making conditions ideal for first time investors, with growth ahead.
“Victoria’s property market is still strong, but it has slowed in the past few years, making it an ideal time for the first time buyers to enter the market,” Mr Wells said.
(First property investor news, Smart Property Investment, November 2012 issue)