At Colliers Residential Victoria we continue to see the apartment market go from strength to strength across Melbourne’s CBD.
Apartment sales have increased exponentially amid renewed demand for CBD residences off the back of the state government $0 stamp duty incentives for buyers in the City of Melbourne.
Many purchasers are seizing the opportunity to avoid taxes on off the plan apartments and new homes less than $1m that are yet to be lived in.
Colliers Residential Victoria Managing Director, Tim Storey said there is an overhang of new apartments in Melbourne’s CBD that should soon be snapped up and limited stock launching.
“There will be very few projects launched in the CBD in the near future in the sub-$1m market. So we are confident that supply will be absorbed very quickly in the next 12 months. Then we will have a real supply issue that could impact rents in the city.”
With the supply of apartments in the sub $1m price bracket becoming limited and the June 30 deadline looming, we encourage you to share this knowledge with your network so that they can capitalise on these significant stamp duty savings.
If you want to know more about what these stamp duty savings mean for apartment buyers in the CBD you can find all of the official details on the State Revenue Office website.
Or contact us for more information and one of our experts can assist you.