<section data-element_type="section" data-id="b086848">
Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
</section>

<section data-element_type="section" data-id="534a164">
Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
</section>

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

Joel Robinson

First look: Kokoda secures Richmond site for new apartment development

Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.

In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.

“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.

"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

[smartcode_project:default project_id=108747 project_image_fid=193023]

Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.

Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.

[smartcode_project:default project_id=108747 project_image_fid=284864]

Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.

Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.

"This is paramount in the current market," Pezet says.

Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.

[smartcode_project:default project_id=108747 project_image_fid=190743]

One of the biggest drawcards to Lagoon has been the size of the apartments.

"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.

"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

Lagoon is set to complete construction in mid-2026.

[smartcode_project_cta:default project_id=108747]

Lagoon Main Beach approaches sell-out as local buyers drive $75m in sales

National apartment developer Abadeen has topped out its debut Gold Coast apartment project,&nbsp;<a href="https://www.apartments.com.au/new-apartments/villea-palm-beach-26-mawarra-street-palm-beach-qld-4221">Villea Palm Beach</a>.

Buyers will move into the $120 million development in early 2026, with builder Emicon now focusing its attention towards the fitout stage of the apartments.

<a href="https://www.apartments.com.au/developers/abadeen-group">Abadeen</a>’s Executive Chairman and Founder, Justin Brown, said topping out at Villea represented an exciting step forward for the company’s national growth and the delivery of a benchmark coastal development.

“Villea Palm Beach represents everything Abadeen stands for — design-led living, premium quality, and the convenience we are bringing for residents to feel part of a perfect beachside community," Brown said.

"It is a particularly special project for us, being our first with spectacular ocean views, just metres from the water and with the addition of ground-floor retail. To reach the top floor is a proud moment, and I am incredibly proud of the Abadeen and Emicon teams for the way they are bringing this project to life for future residents.”

[smartcode_project:default project_id=106840 project_image_fid=336444]

Pierre Saab, Director of builder <a href="https://www.apartments.com.au/builders/emicon">Emicon</a>, said topping out was an exciting milestone and the team is now focused on interiors and detailing.

“This is a fantastic milestone to reach. With the final roof pour complete, we’ve moved into the fit-out stage where the detailing will truly bring Villea to life,"&nbsp;Saab said.

"Standing on the top floor, the team was struck by the stunning 180-degree views of the ocean and all that <a href="https://www.apartments.com.au/developments/palm-beach-qld-4221">Palm Beach</a> has to offer — a daily reminder of the exceptional lifestyle this project will deliver.”

[smartcode_project:default project_id=106840 project_image_fid=336441]

Nick Clydsdale, Director of SRQ, who is managing sales and marketing for Villea, said the milestone marks the next phase of the sales campaign.

“With construction now at its highest point, we are excited to kick start the next phase of the campaign off the back of strong sales momentum driven by the local market,"&nbsp;Clydsdale said.

"Villea is a prized offering in the popular suburb of Palm Beach— ideally suited to owner-occupiers and downsizers seeking a convenient and beautiful coastal lifestyle. At the same time, with forecasts pointing to further price growth across the Gold Coast in 2025, Villea offers investors the opportunity to enter early in the upswing cycle."

[smartcode_project:default project_id=106840 project_image_fid=336442]

&nbsp;

Designed by acclaimed architects <a href="https://www.apartments.com.au/architects/bda-architecture">BDA</a>, Villea comprises 69 two- and three-bedroom residences with light-filled layouts, premium finishes including timber flooring, Fisher &amp; Paykel appliances, and high-performance glazing to maximise comfort.

Many residences capture ocean views, while all benefiting from generous open plan designs and access to shared amenities like a&nbsp;pool, gym, barbecue facilities, and outdoor entertaining spaces, all just 400m from the beach.

A ground floor retail leasing campaign is also underway, with Abadeen set to handpick a curated mix of tenants to enhance the experience for both residents and the wider community.

[smartcode_project_cta:default project_id=106840]

Abadeen tops out Villea Palm Beach

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has officially unveiled its vision for a landmark development in Little Bay.

The vertically integrated developer-builder is set to launch <a href="https://www.apartments.com.au/new-apartments/este-jennifer-street-little-bay-nsw-2036">ESTE</a>, a collection of low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis Architects</a>, comprising 94 apartments.

Targeted at local downsizers, upgraders, nature lovers, and golf enthusiasts, ESTE offers close proximity to Kamay-Botany Bay National Park, Little Bay Beach, and the renowned St Michael’s Golf Club — widely considered one of New South Wales’ top courses.

Many of the apartments, with interiors by Richard Stanisich, boast uninterrupted ocean views — a rare offering in Sydney.

[smartcode_project:default project_id=112343 project_image_fid=210130]

Residents will enjoy exclusive access to a private rooftop amenity level featuring a heated infinity pool, a fitness centre equipped with the latest TechnoGym technology, and a sauna.

Urban Property Group has taken a careful and considered approach to the design and planning stages, ensuring ESTE delivers an architecturally appropriate and sensitive addition to a suburb that rarely sees new development.

Plans were first submitted to Randwick City Council in late 2022, following concept approval from the NSW Government earlier that year.

Construction commenced in November 2024, with the project expected to top out in Q4 2025 and reach completion in Q3 2026.&nbsp;

Urban was one of the first developers in New South Wales to adopt the sought-after 10-year <a href="https://www.apartments.com.au/news/resilience-latent-defects-insurance">Latent Defects Insurance policy from Resilience Insurance</a>. The policy — that can only be taken out by developers or builders and not by individual apartment buyers — covers any structural or waterproofing defects for a full 10 years post-completion, providing buyers with the most comprehensive protection available when purchasing off the plan.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/what-is-latent-defects-insurance-and-is-it-bringing-confidence-to-the-off-the-plan-apartment-market">What is Latent Defects Insurance and is it bringing confidence to the off the plan apartment market?</a>

SRM Residential will be launching ESTE in the coming months.

[smartcode_project_cta:default project_id=112343]

Urban Property Group unveils ESTE Little Bay apartments

For the first time, prospective off the plan apartment buyers in Sydney's <a href="https://www.apartments.com.au/developments/homebush-nsw-2140">Homebush</a> can purchase with the confidence of a 10-year defect protection for their new apartment building.

<a href="https://www.apartments.com.au/new-apartments/bridge-road-residences-homebush-3-5-bridge-road-homebush-nsw-2140">Bridge Road Residences</a>, the latest development by <a href="https://www.apartments.com.au/developers/ventus-group">Ventus Group</a>, is the first new apartment complex in the area to offer the highly sought-after 10-year Latent Defects Insurance, provided by Resilience Insurance.

This policy, which applies to all 80 apartments in the new building on Bridge Road, covers homeowners against&nbsp;structural or design defects defects that may arise within the first 10 years after the building's completion. It can only be taken out by the developer or builder of the new development, and not by individual apartment owners.

Half of the apartments in the building have already been quickly snapped up. Buyers have been attracted by the insurance policy, along with the guarantee of a quality build, thanks to the insurance's Technical Inspection Service. This service involves third-party experts visiting the construction site at least once a month to ensure the building is being properly constructed, making defects highly unlikely.

[smartcode_project:default project_id=6989 project_image_fid=2132]

Located on Bridge Road, the development offers a mix of apartment configurations, from studios to three-bedroom apartments.

Apartments have been designed&nbsp;by MX Architects with liveability in mind, featuring open-plan layouts, engineered timber floors, wool-blend carpet in bedrooms, and either ducted or split-system air conditioning depending on configuration.&nbsp;

Many apartments also include north-facing aspects or oversized balconies, enhancing natural light and outdoor usability.

The development includes landscaped communal gardens with a central lawn, shaded seating, and barbecue areas. A rooftop terrace offers views across the city and Sydney Olympic Park. These amenities are designed to provide outdoor spaces for both relaxation and socialising, without increasing maintenance burden.

[smartcode_project:default project_id=6989 project_image_fid=2135]

Bridge Road Residences is less than 10 minutes’ walk from Homebush Station and close to major road links including the M4 and M8.&nbsp;

Residents will have immediate access to Rochester Street’s cafes, grocers, and restaurants, as well as retail and dining hubs at North Strathfield’s Bakehouse Quarter, Strathfield Plaza, and DFO Homebush.&nbsp;

The area is also well-served by schools and tertiary institutions, including Homebush Public School and the University of Sydney.

Construction is being led by <a href="https://www.apartments.com.au/builders/one-way-dc">One Way Development &amp; Construction</a>. They are expecting to complete the build in Q3 2026.

[smartcode_project_cta:default project_id=6989]

Bridge Road Residences brings 10-year defects guarantee to Homebush

Stamp Duty

In a significant policy move aimed at stimulating the property market, the Victorian government has announced a major reduction in stamp duty for off-the-plan apartments, units, and townhouses.

Effective from October 21, 2024, the expanded concessions will apply to all eligible off-the-plan purchases and will remain in place for one year.

This initiative, designed to address the state’s housing affordability crisis, opens a window of opportunity for prospective buyers, particularly investors and owner-occupiers, to secure substantial stamp duty savings.

Key Changes to Stamp Duty Concessions

Previously, stamp duty on off-the-plan purchases was calculated based on the total price of the property, including the construction value. Under the new scheme, stamp duty will be calculated solely on the land value before construction begins. This shift in policy significantly reduces the financial burden for buyers, particularly in metropolitan areas where property prices continue to rise.

For example, a Victorian purchasing an off-the-plan apartment valued at $620,000, with the land component valued at $77,500, will now pay just $4,000 in stamp duty—down from $32,000. This $28,000 saving represents a significant reduction in upfront costs for property buyers, potentially unlocking the market for a wider demographic.

The changes also eliminate the previous cap on concessions, expanding eligibility beyond first-home buyers to include any purchaser of off-the-plan apartments, units, or townhouses within a strata subdivision.

<a data-entity-type="file" data-entity-uuid="69bb2163-758b-4133-85ae-a669cf3061bb" href="/developments/melbourne-vic"><img alt="Search New &amp; Off-the-Plan Property across Victoria" data-entity-type="" data-entity-uuid="" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202024-10-21%20at%208.49.26%20am.png?VersionId=tO1ATB0FSWLbOgFkHuqwpy6iUKclkflP" /></a>

Who Benefits from the Scheme

The new stamp duty concessions are aimed at boosting sales in Victoria’s off-the-plan sector, which has been slowing due to high taxes and market uncertainty. The scheme covers properties that are part of a strata subdivision. However, it excludes house and land packages or dwellings not part of a strata subdivision.

Existing concessions for first home buyers remain unchanged. Homes valued up to $600,000 will continue to benefit from full stamp duty exemptions, and concessions apply to properties valued up to $750,000.

A Limited-Time Opportunity for Buyers

The stamp duty concession is a time-sensitive initiative, with the expanded benefits available only until October 21, 2025. Buyers who are considering entering the market are urged to act promptly to take advantage of the scheme, as the concession will revert to its previous structure after this period.

For developments currently under construction, buyers are also eligible for reduced stamp duty, although the exact savings will depend on how much of the construction has been completed at the time of purchase.

Impact on the Market

The Victorian property industry has long advocated for a reduction in stamp duty, arguing that the high upfront cost has acted as a deterrent for both buyers and developers. By lowering these barriers, the government aims to revitalise the market, particularly in Melbourne, where apartment supply has struggled to keep pace with demand.

The concessions are expected to have a positive ripple effect on the rental market as well, as more off-the-plan properties come online. Developers will benefit from increased pre-sale success, helping them to meet financing requirements and commence construction sooner.

What Buyers Need to Know

For those interested in purchasing an off-the-plan property, the expanded stamp duty concessions represent a rare financial advantage. The Victorian government's removal of the concession cap makes this offer more widely available than previous schemes, opening the door for both investors and owner-occupiers to secure valuable savings.

Apartments.com.au will continue to provide updates on off-the-plan developments and related policy changes. Buyers interested in learning more about the stamp duty reduction can explore our latest listings or contact us for further insights into how this change could benefit them.

Summary of Eligibility:

<ul>
	<li>Applies to off-the-plan apartments, units, and townhouses within a strata subdivision.</li>
	<li>Stamp duty calculated based on land value, not total property price.</li>
	<li>Available for one year, ending October 21, 2025.</li>
	<li>No cap on eligibility; open to all buyers, not just first-home purchasers.</li>
	<li>With the Victorian government’s stamp duty concession, now is an ideal time for property buyers to enter the market while this limited offer remains available.</li>
</ul>

Victorian government's stamp duty cuts on off-the-plan apartments, units, and townhouses offer significant savings for property buyers. Learn more about eligibility, how to benefit, and why now is the prime time to buy with these expanded concessions.

Michael Bird

VIC Government slashes stamp duty for off-the-plan property buyers - savings available immediately, Oct 2024

As of January 16, property buyers in New South Wales who are seeking to spend under $1.5 million on their first home, can now opt to pay an annual land tax as opposed to the upfront cost of stamp duty.

The First Home Buyer Choice scheme, will also apply to those who&nbsp;signed a contract of purchase between 11 November 2022 and 15 January 2023. For this group, applications to choose the property tax can be made at any time between 16 January 2023 and 30 June 2023.

If settlement occurs on or before 15 January 2023, they will need to pay stamp duty, and then will be able to apply for a refund of the stamp duty from 16 January 2023.

[smartcode_project:default project_id=29359 project_image_fid=207473]

If settlement occurs on or after 16 January 2023, and they have chosen property tax, they will not need to pay stamp duty.

For those who are purchasing land with the intention to build their first home, the price cap will be up to $800,000.

The aim of the scheme is to remove a significant barrier impacting first home buyers entering the property market.

Analysis by Canstar showed that the&nbsp;number of owner-occupier first home buyer loans is over 31.3 per cent down over the 12 months to November, after numbers retreated a further 5.5 per cent over the month.

For a $1.5 million purchase in New South Wales, buyers would be expected to pay $67,000 in stamp duty, which is in addition to a minimum 10 per cent deposit, a total of over $210,000 upfront with both costs before taking ownership of the property.

Annual property tax payments are based on the land value of the purchased property. The property tax rates for 2022-2023 and 2023-2024 will be $400,&nbsp;plus an additional cost of 0.3 per cent of land value.

[smartcode_project:default project_id=112005 project_image_fid=191253]

Premier Dominic Perrottet said this choice will empower first home buyers as they head out to auctions and inspections over the weekend.

“Starting today, first home buyers will get a huge boost with a system that helps rather than hinders their journey to owning their first home,” Perrottet said.

“The opportunity starts now, with buyers able to choose the option that will suit their own financial circumstances and see them come out ahead in the long run.”

Treasurer Matt Kean said more than 6,000 first home buyers are estimated to choose the annual property fee each year.

[smartcode_project:default project_id=6552 project_image_fid=202005]

“This is about giving home hunters the chance to decide what works best for them. It will give people greater flexibility as they approach one of the biggest investment decisions most will make in their lifetime,” Kean said.

“Home ownership builds economic security, financial independence, personal freedom and offers people a stake in our nation. This reform will bring thousands of people closer to that dream, sooner.”

The First Home Buyer Choice is a key component of the Government’s $2.8 billion Housing Package announced in the 2022-23 NSW Budget.

For more information visit the NSW Government website <a href="https://www.service.nsw.gov.au/services/housing-and-property/land-tax-property-tax-and-stamp-duty">here</a>.&nbsp;

Analysis by Canstar showed that the number of owner-occupier first home buyer loans is over 31.3 per cent down over the 12 months to November


Changes to NSW stamp duty explained: What it means for first home buyers

Removing stamp duty would increase housing mobility, and lead to more efficient use of the nation’s housing stock, according to research by the National Housing Finance and Investment Corporation (NHFIC).

Families across all states and territories, except the ACT, are paying substantially more stamp duty when they move currently than they were 20 years ago, it noted.

Victoria now has Australia’s largest effective rate of transfer duty on a median property at around 5.4% (around $45,000), compared to 4.2% (around $12,000) back in 2002.

The report dubbed stamp duty an inefficient tax that impacts housing market mobility.

A household that bought a Sydney median priced house four times over the past 20 years would have paid more than 10 times the amount of duty than a household making only one purchase at the start of this period, it pointed out.

“Households that are considering downsizing and upsizing, or just seeking more space when they are working at home during COVID-19 wouldn't be penalised under a broad-based land tax compared with the current stamp duty arrangements across most states,” NHFIC CEO Nathan Dal Bon said .

“Encouraging more household mobility through reductions in stamp duty leads to more efficient use of the housing stock which means people can better ‘right-size’ their own housing arrangements in line with their individual preferences,” Dal Bon added.

The aim of transitioning from stamp duty to land tax is not to increase revenue per se, and the paper demonstrates that the transition can be achieved in a revenue neutral way.

"The typical household across all states (except the ACT) would be better off paying land tax on a median property than transfer duty," it suggested, noting a household in NSW would have to pay a broad-based land tax for more than 14 years to be worse off, which is greater than the 12 year average holding period of a property.

It noted the challenge of a revenue neutral swap between transfer duty and a broad-based land tax, under a slow house price growth scenario, would require approximately three times the amount of revenue as a faster transition ($94bn over a 20-year transition, compared with $32bn under a 5-year transition).

The National Housing Finance and Investment Corporation (NHFIC) commenced operations in 2018,  a corporate Commonwealth entity, part of the Treasury portfolio of agencies. 

The responsible Minister is the Minister for Housing, Michael Sukkar.


Removing stamp duty will have the benefit of reducing barriers to home ownership, according to the report of the National Housing Finance and Investment Corporation

jchancellor-FAypfDUnLy

Federal Treasury entity gets behind push to scrap state government stamp duty

The ACT Government has scrapped stamp duty for off-the-plan apartments and townhouses up to $500,000.

The stamp duty abolition will apply to any buyer &ndash; first-home buyers, upgraders, downsizers and everyone else in between &ndash; who purchase off-the-plan, the territory government said.

Under these changes, anyone purchasing a newly built apartment or townhouse valued at $500,000 will save $10,360 in stamp duty.

The welcomed phase-out of stamp duty is effective from 1 July 2021.

This is great news if you are looking for the perfect property to purchase and benefit from the new stamp duty reforms.

Urban takes a look at five off-the-plan properties in the ACT listed for under $500,000.

1. WOVA, Phillip 
Developer: Geocon Group 
Two-bedroom apartments from $475,900

[smartcode_project:default project_id=95099 project_image_fid=167553]

Situated in Canberra&rsquo;s Woden Valley, WOVA by Geocon Group is set to redefine contemporary community living.

The four-tower development boasts a collection of one, two and three-bedroom apartments with unrivalled transport connectivity and abundant amenity.

Designed by Fender Katsalidis and Oculus Urban Design, WOVA features spacious balconies, functional living areas and is located at the heart of a multi-billion dollar regeneration project.

2. Marlu, Denman Prospect 
Developer: Core Developments 
Two-bedroom apartments from $429,900

[smartcode_project:default project_id=29327 project_image_fid=84947]

Settled amongst Denman Prospect&rsquo;s finest homes, Marlu presents one, two and three-bedroom dwellings.

Designed by Stewart Architecture, the development visually fits into the surrounding context, with northern frontage overlooking Molonglo Valley and Black Mountain.

The space is equipped with an outdoor pool, gym, and communal entertaining area, as well as a central garden which provides amenity, solar aspect and privacy.

3. Nightfall, Belconnen 
Developer: Geocon Group 
Two-bedroom apartments from $484,900

[smartcode_project:default project_id=29898 project_image_fid=167586]

The final stage of Geocon&rsquo;s Republic Precinct, Nightfall, is due to reach completion at the end of this year.

The 21-storey tower boasts one and two-bedroom apartments with 30 different floorplans to meet the needs of a variety of buyers.

Designed by Fender Katsalidis, Nightfall includes a private sky garden, fully equipped kitchen, residents&rsquo; dining room and an established ground-floor plaza with retailers, supermarkets, caf&eacute;s and restaurants.

4. Dawn at Founders Lane, Braddon 
Developer: JW Land Development 
One-bedroom apartments from $415,000

[smartcode_project:default project_id=6542 project_image_fid=164004]

Dawn occupies one of the most coveted positions in Canberra, located at the boundary of Civic and Braddon.

Founders Lane is set to bring a fresh new wave of life to the city centre with open flowing space and a fresh look.

Each one and two-bedroom apartment boasts access to a central courtyard, a rooftop garden, an abundance of natural light and a sense of calm and wellbeing.

5. The Brooke, Bruce 
Developer: AVANTUS 
Two-bedroom apartments from $455,000

[smartcode_project:default project_id=88669 project_image_fid=144662]

The Brooke includes 99 beautifully thought-out apartments in one and two-bedroom configurations.

Inspired to optimise the best of Canberra, the development is nestled between Belconnen and the City and boasts convenient access to medical, educational, sporting, retail, and commercial precincts.

Designed by JUDD.studio, the homes include traditional and futuristic elements, spacious backyards and balconies and a contemporary colour palette.

This ACT Government's stamp duty reform is great news if you are looking for a new off-the-plan property to purchase in Canberra.

max.kwok_55688

 Five Canberra apartments under $500,000 that benefit from ACT’s new stamp duty reforms

The ACT government has scrapped stamp duty for off-the-plan apartment and townhouse purchases up to $500,000 from July 1.

The stamp duty abolition will apply to first-home buyers and other owner occupiers who exchange purchases for off-the-plan in the territory from July 1.

<a href="/developments/act">Buyers of newly built apartments or townhouses at $500,000 will save $10,360 in stamp duty.</a>

The eligibility criteria includes satisfaction of residency requirements, that at least one buyer must live in the home continuously for at least one year, starting within 12 months of the date of completion/settlement date.

Since 2012 the ACT has been reducing stamp duty.

&ldquo;This is a further step in our tax reform program and one that encourages an increased supply of housing below the $500,000 threshold,&quot; ACT Chief Minister Andrew Barr said.

The announcement is part of the territory&rsquo;s 20-year plan to phase out stamp duty and replace it with an annual land tax.

The plan has been underway since 2012.

Stamp duty has also beeen reduced by $1040 for any owner-occupier established property purchase between $200,000 to $1.455 million in 2021-22.

As part of the ACT tax reform program, average general rates have increased to offset revenue that would otherwise be lost due to the abolition of stamp duty.&nbsp;

This did not occur in 2020-21 as part of the Government&rsquo;s response to the COVID-19 pandemic.

The ACT government has scrapped stamp duty for off-the-plan apartment and townhouse purchases up to $500,000 from July 1

jchancellor

ACT stamp duty scrapped for owner occupier off the plan purchases up to $500,000

ASX-listed developer AVJennings is matching the government stamp duty concession on all Piper Townhomes for those who buy before the end of June.

Piper is a boutique collection of 14 modern, low-maintenance townhouses in the stunning bayside suburb of Williamstown.

[smartcode_project:default project_id=102256 project_image_fid=163752]

The development references Williamstown&rsquo;s well-known local personality Richard Piper, the postmaster&nbsp;of the Williamstown Post Office during the mid-nineteenth century.

&ldquo;With a rich maritime history, this picturesque suburb is situated within Hobson Bay and offers cafes, restaurants, supermarket, shops, swimming beaches and renowned boating clubs&rdquo;, the project marketing reads.

Residents can secure one of nine three-bedroom homes facing Nelson Place, an extension of the neighbouring Lonsdale and Lysander townhomes at Waterline Place.

[smartcode_project:default project_id=102256 project_image_fid=163757]

According to the developers, the vision for Waterline Place is to be &ldquo;a village within a village&rdquo;. It will be home to approximately 500 residences and feature a series of green, active and pedestrian-friendly streets and laneways.

Featuring bluestone and an angled roofline that pays homage to Williamstown&rsquo;s industrial past, the three-bedroom homes blend in with the established character of the area.

With full-height windows, clever storage solutions and a large living area that opens into a room-sized balcony, these larger residences are ideal for couples, young families and downsizers.

[smartcode_project:default project_id=102256 project_image_fid=163754]

The five two-bedroom, two-bathroom terraces fronting Waterline Place are designed for first time buyers or couples looking for intelligent layouts.

Delivering a compact design, the two-bedroom townhomes include a ground-floor study, living room, under-stair storage and a single-car garage.

Prices for the homes in the Piper collection start from $830,000 and reach up to $1,495,000 for a three-bedroom, 3.5-bathroom property.

[smartcode_project:default project_id=102256 project_image_fid=163752]

For residents who purchase the off-the-plan residence before 30th June, AVJennings will pay a rebate at settlement to the same value as the government concession.

The development is expected to reach completion in mid-2022.

About the developer

AVJennings is a leading residential property development company that has been part of the Australian landscape for more than 85 years.

With over 12,700 lots in its portfolio, the company has experience in home building, land development, pre-planned integrated housing and medium density activities.

Other projects by AVJennings include <a href="/developments/bethania-qld-4205">Parkside, a townhouse project in Queensland&rsquo;s Bethania</a>. 
[smartcode_project_cta: project_id=102256]

For residents who purchase the off-the-plan residence before 30th June, AVJennings will pay a rebate at settlement to the same value as the government concession

Pay $0 stamp duty on the brand-new Piper Townhomes in Williamstown

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<h2>What is Stamp Duty?</h2>

Stamp duty, or land transfer duty as it’s known in Victoria, is a once-off government tax on buying property payed by the purchaser. It is based on the purchase price and calculated via a scale, in a similar manner to income tax.

However, these standard rates don’t apply to all property purchases, particularly first home owners and foreign buyers.

Pictured below is a full tabulation of how transfer duty is calculated in Victoria.

<img alt="" height="246" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/stamp_duty_guide_vic.jpg" width="786">

<h2>Stamp duty on foreign purchasers</h2>

However, these rates don’t apply to all buyers or all types of property purchases. Foreign purchasers often have to pay additional duty of up to seven percent.

You can read more about the stamp duty provisions affecting foreign purchasers on the <a href="https://www.sro.vic.gov.au/foreignpurchaser" target="_blank">State Revenue Office website</a>.

<h2>Stamp Duty exemptions for first home buyers</h2>

The Victorian government’s current policy as of 2017 is the complete exemption of stamp duty for first home owners purchasing a property valued at up to $600,000. A saving of up to $31,070.for first home buyers.

For first home buyers purchasing a home valued between $600,001 and $750,000 a concessional rate of stamp duty applies.

Unlike the NSW First Home Owner Grants (FHOG), the stamp duty concession and exemption apply to all property types.

<h2>Other Stamp Duty exemptions and concession</h2>

Victoria also provides a concession to all purchasers of properties valued between $130,000 and $550,000 from paying stamp duty where they intend to use that property as their principal place of residence.

The rate of concession equates to a one percent reduction for all properties valued between $130,000 and $440,000 and a flat reduction of $3,100 for properties valued between $440,001 and $500,000.

There is also a “principal place of residence (off the plan concession)”, which only people purchasing an off the plan property they intend to use as their home are eligible and a threshold applies to the dutiable value of the property. This is $550,000 for non-first home buyers and $600,000 (for an exemption) $750,000 (for a concession) for first home buyers.

The Victorian government also provides a stamp duty exemption to pensioners buying a home valued at under $330,000 and a concessional rate to pensioners buying a home valued between $330,001 and $750,000.

Below are some properties eligible for stamp duty exemptions in Victoria:

1. Melbourne Quarter, Docklands 
Address: 628 Flinders Street, Docklands VIC 3008 
One-bedroom apartment from $458,000

[smartcode_project:default project_id=3459]

2. Live City, Footscray 
Address: 124-188 Ballarat Road, Footscray VIC 3011 
Two-bedroom apartments from $460,000

[smartcode_project:default project_id=3565]

3. Melbourne Grand, Melbourne 
Address: 556-558 Lonsdale Street, Melbourne VIC 3000 
One-bedroom apartments from $489,000

[smartcode_project:default project_id=3490]

 

Click here to view <a href="/news/vic/save-thousands-melbourne-apartments-you-can-buy-without-paying-stamp-duty" target="_blank">six homes in Melbourne you can purchase without paying stamp duty</a>.
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Stamp duty, or land transfer duty as it’s known in Victoria, is a once-off government tax on buying property payed by the purchaser

jordan_55689

What is stamp duty? A guide to stamp duty in Victoria

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More than ever as we emerge from the crisis we are going to have to get the most out of our economy.

Swapping stamp duty for land tax as the <a href="https://theconversation.com/abolish-stamp-duty-the-act-shows-the-rest-of-us-how-to-tax-property-105378">ACT government</a> is doing (over 20 years) and the <a href="https://www.treasury.nsw.gov.au/sites/default/files/2020-11/NSW%20TSY%20TF%20-%20Glossy.pdf">NSW government</a> is planning (using an opt-in arrangement), is one of the best ways the tax system can help.

This graph from the federal treasury’s 2015 <a href="https://treasury.gov.au/sites/default/files/2019-03/c2015-rethink-dp-TWP_combined-online.pdf">tax discussion paper</a> makes the point.

It says the “marginal excess burden” (damage) done by real estate stamp duty amounts to 70 cents for each dollar raised.

It discourages people and businesses from changing addresses as often as they should, meaning workers live further away from their work than they would and are reluctant to move to where there is better work.

<figure class="align-center zoomable"><a href="https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img alt="" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" src="https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" srcset="https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=397&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=397&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=397&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=498&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=498&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/370724/original/file-20201123-19-16bujkx.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=498&amp;fit=crop&amp;dpr=3 2262w"></a>

<figcaption><a class="source" href="https://treasury.gov.au/sites/default/files/2019-03/c2015-rethink-dp-TWP_combined-online.pdf">Tax discussion paper, Australian Treasury March 2015</a></figcaption></figure>In contrast, treasury found the marginal excess burden of land tax was negative. Land tax makes sure land was used for its most useful purpose and not left idle.

Efficiency-wise it makes sense to swap one for the other, but as with all changes there will be winners and losers, some of them surprising.

In our <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3760893">just-published study</a>, we use real-world data on living arrangements from the Melbourne Institute’s <a href="https://melbourneinstitute.unimelb.edu.au/hilda">Household, Income and Labour Dynamics in Australia</a> survey and data on house prices and stamp duty rates from the Real Estate Institute Australia in an attempt to work out who the winners and losers will be.

<h2>Good for the young, and the old</h2>

We find that overall the swap should reduce the purchase price for home buyers, increase the sale price for sellers, increase the total number of transactions and reduce the degree of mismatch in housing.

It should also increase the rate of home ownership.

Young adults, particularly those who are currently having difficulty saving for a deposit would be better off.

Current homeowners would generally be worse off.

Renters would benefit because they are currently excluded from home ownership.

Older landlords, perhaps surprisingly, would also benefit. In many cases the increase in the value of their houses would outweigh the cost of the land tax.

Our findings raise a challenge for governments.

In the long run, the swap would improve the working of the economy, but in the short run it will hurt many current voters.

A gradual transition – either through a very long phase in (of the kind adopted by the ACT) or by allowing households to select into different tax systems (as NSW is planning) would help make the switch more palatable.

But the sooner we start, the better.<img alt="The Conversation" height="1" src="https://counter.theconversation.com/content/154935/count.gif?distributor=republish-lightbox-basic" style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important" width="1">

 

This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/identifying-the-losers-and-surprising-winners-from-phasing-out-stamp-duty-154935">original article</a>.

 
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Swapping stamp duty for land tax as the ACT government is doing and the NSW government is planning, is one of the best ways the tax system can help our economy

Identifying the losers (and surprising winners) from phasing out stamp duty

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Owner-occupiers can stand to save up to $73,000 in the Parkhill apartment development in West Melbourne.

The project developer Central Equity are matching the VIC government's $15,000 HomeBuilder grant to save Parkhill buyers $30,000.

That, combined with the potential to save up to $43,000 in stamp duty for owner-occupiers, totals $73,000 of savings. 

[smartcode_project:default project_id=27406]

Investors will benefit from the $24,500 in stamp duty concessions, and Central Equity are offering a rental guarantee for investor purchasers.

One bedroom apartments in the block start from $479,000, or closer to $400,000 for owner-occupiers after the savings boost.

Two bedroom apartments start from $619,000, up to $819,000 when including an extra bathroom and a parking space.

<a href="/buildings/parkhill-apartments-west-melbourne-408-spencer-street-west-melbourne"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/parkhill_melbourne_render_2.jpg" width="1202"></a>

The apartments, many spanning more than 70 sqm, have been designed by Central Equity's inhouse design team. They all have up to 2.7 metre high ceilings, a gourmet kitchen with stone benchtops and Miele appliances and bathrooms with German tapware.

The development has a 6.5 star energy rating, with apartments fitted with double glazed windows.

Residents in the building will have access to a seven day concierge, a rooftop gym and a rooftop garden, complete with barbecues and outdoor seating.
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Owner-occupiers can stand to save up to $73,000 in the Parkhill apartment development in West Melbourne.

Buyers could save up to $73,000* on a brand new home at West Melbourne's Parkhill thanks to developer Central Equity matching the government grants

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A continuining drop in first home buyer numbers has chief executive of the Real Estate Instute of Western Australia (REIWA), Neville Pozzi, warning the government not to introduced any stamp duty increases for first timers.
He said that this drop should come as a budget warning to the state government.
“Given that first home buyers are dropping in numbers, it’s critical that the Treasurer doesn’t bring back stamp duty for this segment of the market,” Pozzi said.
Currently, first home buyers in Western Australia are exempt from stamp duty payments for homes under $500,000.
“It’s very concerning, however, that Premier Barnett has indicated that the current tax break for first home buyers is under review and might be changed,” he said.
“The housing market is very susceptible to cost pressures and making first homes more expensive would be a terrible blow to the market just as it’s starting to stabilise,” he said.
FHOG applications for the March quarter, as recorded by the Office of State Revenue, recorded a 9% drop. This is 21% below the June 2013 peak.
This drop is across both the established and new-build sectors, with established homes dropping by 14%.
“This means that grants being paid out have now fallen below the average since the FHOG was first introduced 14 years ago,” he said.
He noted that the "last thing" the market needs at present is any added cost pressure on first time buyers.
The median purchase by first home buyers in March was $470,000 in Perth, and $350,000 in regional Western Australia.
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