15 January 2025 This is a reminder that notifications for the vacant residential land tax (VRLT) and absentee owner surcharge (AOS) are due today (15 January 2024). Further, changes have been made to the VRLT. The VRLT is a progressive rate based on the land and property values. It applies to residential land with an existing home on it that is vacant more than six months in the calendar year...
15 January 2025 Ringing in the new year, the SRO has issued reminders on changes to Victoria’s tax system, effective 1 January 2025. This includes the short-stay levy, which passed the Victorian Parliament in October 2024. The levy imposes a mandatory 7.5 per cent levy on short-stay properties across Victoria. Limited exemptions are in place. The 7.5 per cent short-stay levy will apply to the...
17 December 2024 Source: ATO < https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/foreign-residents-and-capital-gains-tax/foreign-resident-capital-gains-withholding/capital-gains-withholding-impacts-on-foreign-and-australian-residents> The Australian Government has passed legislation impacting the foreign resident capital gains withholding regime....
04 December 2024 The Senate Economics References Committee has scrutinised Australia’s financial regulatory framework and its impacts on homeownership through an inquiry and report. It sought to identify the effects that the current framework has on homeownership, with the findings largely focusing on first-time homeownership. The terms of reference placed focus on scrutinising the financial,...
The Albanese Government successfully passed over thirty pieces of legislation in the final sitting parliamentary week of the year. Below is a summary of the legislation that will be of interest to real estate professionals. The two central bills, the Treasury Laws Amendment (Build to Rent) Bill 2024 and the Help to Buy Bill 2023, are driven by institutional and government investment in the...
In October 2024, the Victorian Government announced a temporary off-the-plan stamp duty concession to cut upfront costs for buyers of properties under strata titles, including apartments and townhouses. Effective from 21st October 2024 to 21st October 2025, the initiative aims to boost housing supply and homeownership by reducing stamp duty costs. The concession is currently...
11 SEPTEMBER 2024 Often, buyers looking to buy a house or unit limit their search to a handful of known suburbs, blissfully unaware that some great alternatives may be available. The perfect place might be right under the buyer’s nose, or in this case, in the next suburb. Sometimes, lesser renowned suburbs can share a border with a more sought-after counterpart and offer significant discounts...
19 JULY 2024 Land Use Victoria is phasing out the use of paper certificates of title. This will come into effect on 3 August 2024. This is part of the state government’s effort to transition to electronic registers. It is an initiative to make transactions faster, simpler, and more secure. An electronic certificate of title makes for a fully electronic conveyancing process with the registration...
16 July 2024 In a quarter that saw minimal house and unit price movement across Victoria, Melbourne’s western suburbs, Greater Geelong and Greater Bendigo have led quarterly growth whilst offering affordable options for buyers. According to the Real Estate Institute of Victoria’s latest median prices for the quarter ending 30th June 2024, Victoria’s metropolitan house prices fell 1.5 per...
18 June 2024 As the saying goes, safe as houses. The conventional wisdom is that houses are the reliable bet as an investment, a sure thing when it comes to sustained growth and return. However, units are emerging as a legitimate little sibling contender for capturing real growth in the market. The REIV Residential Market Index (RMX) is a residential property price index designed to provide a...