Surely everyone has noticed the dramatic increase in apartment developments in Adelaide’s CBD, and who doesn’t love the view of a good crane out their window. Ever dreamed of apartment living? You know, the sort of lifestyle that all the television shows that involve lawyers always make seem so damn sexy, except you can actually afford it because this is Adelaide and not New York.
Well, it’s going to be a reality for a lot more South Australians coming into the future with the announcement by the State Government today that Stamp Duty concessions will remain for another year in the CBD, and be extended to all “off-the-plan” apartments in South Australia. What does that mean? Multi-storey living just became a hell of a lot more affordable.
Any idea how much stamp duty usually costs on properties? It’s enough to buy a small car, pay off your mortgage for a year, or go on that holiday you’ve always wanted. It’s a painful tax, especially when you’re already having to lay out so much for the purchase price. So today’s news basically means the State Government are giving potential home owners a tax break. Good news. On a property costing $495k, the State Government will pay up to $15,000 of your Stamp Duty. For a $595k property, it increases to the maximum threshold of $15,500 Government concession.
Oh, those apartments are too much we hear you say? Well, there’s also the additional $15,000 from the First Home Owner Grant for new homes, so even if you’re not looking for a penthouse, there are some significant savings on offer here! That’s years off a bank loan. Hit the sweet spot and you’re eligible for up to $30,500 in savings towards an off-the-plan apartment.
This will all be in operation until 30 June 2017, so there’s plenty of time to head into the showrooms across Adelaide and see what sort of new developments are available.
Check out the latest CBD residential development to be announced, 322 King William.
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