by Alex | May 28, 2017 | Our Views and Opinions
With July 1 approaching we have been looking at the proposed stamp duty changes. Off-the-plan concession – to be taken away from Investors Under the change proposed for July 1 2017, the off-the-plan stamp duty concession will now be available only to buyers who occupy the property as their principal place of residence. Currently a concession applies to off-plan purchases whereby the dutiable value is the value of the land and any building works undertaken at the time of the contract. As of July 1, 2017 an investor will have to pay stamp duty on the full contract price of the purchase. For example on a $435,000 apartment, the current dutiable value for all purchasers currently stands at $435,000 less any value of building works not undertaken at the time of the contract (the purchase is “off plan”), this could be $435,000 less the incomplete building works. Therefore the dutiable value could be just 25% of the purchase price ie $108,750. Property – Price Dutiable Value Current Dutiable Value From July 1 $ 435,000 $108,750 $435,000 The Stamp duty on the lower dutiable value is $2,360 and the higher is $21,170 This applies only to Investors; owner occupiers from July 1 still pay the lower of the two stamp duty amounts. First home buyers Under the change proposed for July 1 2017, first home buyers purchasing either new or existing properties of not more than $600,000 will pay no stamp duty. For purchases between $600,001 and $750,000 the discount will be tapered. For the above purchase of a unit of $435,000 the stamp duty applicable will be...
by Alex | May 15, 2017 | Our Views and Opinions
In our recent review of the Clayton Road Main street commercial sales market we noticed some discernible differences in the value rates across the building area, site area and net rents when looking at the east and west side properties.. In recent years the Clayton Road strip has seen some changes as have many of the suburban main-streets in Melbourne. We are always learning new things about this locality and just discovered there are a couple of great spots for coffee and the place generally has a strong vibe about it. The Clayton Road shopping main-street is located some 18kms from the CBD and it is included in the massive rail investment currently underway in the road/rail separation program. When looking at some of the recent sales results, we did notice a discernible difference in the East and West side metrics. Here are the numbers: These figures have been sourced from the latest sales results. Although not a common occurrence, we have the west side of the main-street having direct access to a large on grade car-park and 2 Coles supermarkets at each end (one of these was once a BILO). Basically, access to the Coles supermarkets and the shared on grade parking does affect prices being paid for properties....
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