More good news for property buyers in the latest Victorian Government state budget, unveiled this week.
There were a raft of concessions which will help stimulate the residential construction sector. Included in the budget was a measure to provide tax relief on stamp duty for residential property transactions of up to $1 million, there will be a waiver of 50% for new residential properties and 25% for existing residential properties. This is in addition to existing stamp duty relief and other initiatives for first home buyers and other grants like HomeBuilder.
From an infrastructure perspective, there is significant investment in transport, including $2.2 billion for the Suburban Rail Loop, $2 billion for the Geelong Rail Line and $1.48 billion for 100 new accessible trams. There will also be $1.6 billion in road network and infrastructure initiatives across a range of areas. Investment in infrastructure is a key initiative and imperative for Melbourne’s ongoing liveability.
What does this all mean? These are stimulatory investments which are designed to boost economic activity, which in turn drives jobs and prosperity, and that often leads to increasing house prices.
So, if you are thinking of buying, now is a great time to take advantage of today’s prices before the market starts to climb again… we only a few townhomes left at MontVue so act fast if you want to snap one up.
Contact Tony Smith from Max Brown real estate for more information on 0411 424 964 or check out the current listings for MontVue.
