Melbourne Stamp Duty Savings
Melbourne stamp duty savings are significant when buying very early in the off plan process, for both local purchasers and non resident investors. Whilst stamp duty is not payable until your property settles, the stamp duty amount is actually calculated at the time of exchange and the stamp duty is based on the value of the property at the time that it exchanges.
So if a property is yet to begin construction, the value of the property at that time is solely its land value.
Typically, on an apartment of say $400,000 we would expect that at an early pre-construction stage the stamp duty payable at settlement would often be as low as between $1,200 & $2,400. If purchased once complete the stamp duty would be $19,660.
So the savings are very significant, over $17,000 on this example!
The Victorian State Government has recently imposed a 3% stamp duty surcharge for non resident investors. This 3% surcharge (3% of the purchase price) is in addition to the normal stamp duty charge. So in our above example, a non resident buying a $400,000 property, would pay an additional surcharge of $12,000.
View our current off plan Melbourne Investment properties that are offerring huge stamp duty saving.
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