Although it’s only early May, June 30 is fast approaching and I would like to touch on a number of changes to be aware of in the property industry come July 1st 2017.
1. VICTORIA. If you are looking at purchasing an apartment or Townhouse in Victoria get your skates on as from July 1st FULL stamp duty applies to off plan purchases….
For instance a purchase price of an “off plan” property in Victoria of say 500K today would attract stamp duty of about 2K….If you sign off on a contract AFTER 1st July 2017 then full stamp duty applies in the region of 20K
2. QUEENSLAND..The first home buyers grant of 20K for new or off plan purchases comes to an end $30th June so again if you are a first home buyer in Queensland you should now have your “ducks in order” ready to make your move.
3. HIGH INCOME EARNERS. If you are looking at a substantial income tax bill 2016-2017 you can claim a large deduction if you are in a position to purchase and settle on a property prior to June 30th 2017…Basically you can pay interest in advance on the property in this financial year FOR NEXT YEAR and lowering your taxable income this year.
4 TAKE ADVANTAGE OF DEVELOPERS AND BUILDERS. Its no secret that developers and builders like to head into a new year, (whether it be end of financial year or just end of the year) with sales under their belt.
Therefore in many cases incentives are offered to secure sales leading up to these dates and it is where I will be focusing on over the next few weeks for clients to secure the best deals possible, but you need to put your hand up and let me know what your requirements are if you wish to take advantage of these deals.
“To create massive leverage I need to have keen buyers ready to make a move and if you are keen to buy in 2017, why not take advantage of the group leverage we can create today”
E.G If I approach developers/builders with a list of keen buyers ready to act then I know great deals can be done.
On the other hand if I approach developers/builders for stock to introduce to my clients then we maybe looking at a sale here and there, but it does not create any kind of leverage.
As you can see by the reasons above, there are plenty of reasons to laser focus on 30th June 2017 if saving money, reducing tax and securing great deals are on your agenda.
By the way, this is very important if you are purchasing off plan in Victoria your contract needs to be signed off by both parties and dated on or before 30th June 2017. If you are unsure speak with your solicitor today.
Well that’s all from me for now, if you need help sourcing a property that suits your needs whether you are a first home buyer, high income earner or first time investor I deal with hundreds of developers and builders across Australia and can help you find what you are looking for, but I need you to raise your hand……So may I ask, do want to secure a great deal prior to 30th June?