....within the City of Melbourne.

There is a temporary Stamp duty concession and exemption for the purchases of residential property, with a value of up to $1 million, located within the City of Melbourne local government area:

A 50% concession is available for new residential properties. It applies to contracts entered into from 1 July 2021 to 30 June 2022.

For a full Stamp Duty exemption:
1. The property must be new residential properties (not previously sold or lived in),
2. Property has remained unsold for 12 months or more since completion of construction, and
3. the Contract was entered into from 21 May 2021 to 30 June 2022.

The 50% concession applies after all other concessions such as the first home buyer duty concession, the principal place of residence concession (including any off-the-plan concession), and the pensioner concession have been taken into account.


To be eligible for this concession or exemption, your purchase must:

1. be for residential property (primary residence or Investment),
2. have a new home on the land,
3. have a dutiable value of $1 million or less,
4. be located in the City of Melbourne local government area,
5. Is not a sale as a gift to someone and
6. An occupancy permit for the new home was issued at least 12 months before the contract was entered into.

For more on this, please give us a call or refer to State Revenue Office website here. 

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Photo by Simona Sergi on Unsplash

Stamp duty discounts were introduced by the Victorian Government last year to encourage the property market during lockdown,  This has now come to an end as on 30 June 2021.

Unfortunately from 1st July 2021, Stamp duty will not only go back to the normal rates, but properties over $2 million will be charged 1% higher.

If you have had a pre-approval from a bank, you may need to re-apply to confirm that the bank can lend you money to cover the extra stamp duty as of tomorrow. This will avoid potentially losing your deposit due to lack of funds as a result.

Will you be eligible to pay less stamp duty? Now may be the time to buy.
The Victorian State Treasurer Tim Pallas announced the cut in stamp duty would apply to home sales under $1 million only.

New residential builds valued under $1 million will receive a 50 per cent waiver on stamp duty up to $27,500.

Buyers on existing residential properties will secure a 25 per cent saving of up to $13,750.

Need more information, please call us on 9650 2115 to find out how you can make the most out of this saving.​

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Caveat Emptor or buyer beware are often used expressions. But do you really know what this means?
Before buying, as a minimum, the following should be thoroughly checked. This includes:
1. Measuring the position of and the size of the land,
2. Checking the building for structure and for pests,
3. Checking your own finances – finance to purchase and finance to renovate,
4. Having the legal documents read to you.

You may want to also check other things such as, has the Council approved the use of that shop to sell fish and chips.  Environmental and heritage concerns may also apply.

Cooling off period
The cooling-off period will not always save you, particularly when you are buying 3 days before or after an auction, industrial or commercial use property or a farm larger than 20 hectares. If you try to cool-off, you will lose some of the deposit.  Many people try to cool-off after the 3 – day period has expired.  There is usually no cooling-off period when buying a business.

Disclosure Statements
The section 32 or section 52 disclosure statement doesn’t always tell you what you need to know.  For a business, it is important to understand the business and ‘trial’ the business.  Two weeks of takings are not usually representative of the turn-over of a business and can often be quite misleading.  The existence of asbestos in building materials will not be evident in the disclosure statement.
​Illegally constructed building extensions aren’t disclosed in the Disclosure Statement or in the Council’s building department’s report. If no one applied for a permit, then the building department will have no record of the building works.  The Council inspector could well ask the Purchaser to demolish the illegal structure and pay a fine.
The Purchaser will inherit all of the responsibilities of the property from the day the Purchaser signs the Contract. When you are paying so much money, it is worth thoroughly checking.  Even check the lights and water supply.  It is important to retain and even improve the good-will of the business.

Do you own property in Greece?
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Property owners around Greece as well as those living abroad will find out the amount of taxes they will pay for this year.

Refer to link for further information.

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https://neoskosmos.com/en/175335/do-you-own-property-in-greece-enfia-dues-released-on-monday/?fbclid=IwAR0VoHjV5By_0AKUvz4aiK-4QDbvNbTYRJ6ip1q7F50HyHIlKDV7XguO5r