The state budget was handed down earlier this week and in a win for home buyers it has slashed stamp duty payable on the purchase of residential property.
Stamp duty on new homes will be discounted by 50% and on existing homes by 25% as long as the value of the home does not exceed $1,000,000. These measures are effective immediately and will be in place until 30 June, 2021.
This will add to the raft of support measures already available to first home buyers through the FHOG and to all new home buyers through the Federal Home Builders Scheme. With interest rates still at historically low levels now is a great time to buy to take advantage of these temporary support measures.
The Geelong market is as strong as it has ever been and we see strong growth continuing throughout 2021 and into the medium term.
If you would like further information about your eligibility for any or all of these measures, one of our team would be happy to talk to you.
Until next week,
Nick Lord (Director)