With continuing growth in property prices and a persistent shortage of properties available to buy or rent, there were a number of measures announced in this week’s State’s Budget 2024 aimed directly at addressing housing supply and affordability. Three of those measures that may be of interest to our readers are highlighted below.
First Home Buyers Boost: First home buyers have a reason to celebrate as the stamp duty exemption thresholds have been adjusted to better align with current market conditions. Now, no transfer duty will be charged on homes valued up to $450,000 (previously $430,000), with concessional rates extending to purchases between $450,000 and $600,000. These changes are effective immediately from yesterday and are expected to benefit around 5,000 first home buyers annually.
Rental Market Incentives: To help increase the availability of long-term rental properties, the government introduced the Vacant Property Rental Incentive Scheme, offering $5,000 to owners who opt to rent out their vacant properties. Do you have a property that is currently sitting vacant? We would love to help you get the property rent-ready (maintenance works, cleaning etc) for you to be able to capitalise on this incentive and to help provide housing people currently looking for properties to rent.
Additionally, the successful Short-Term Rental Accommodation (STRA) Incentive Scheme has been extended to stimulate homeowners to turn their properties currently being used for short-stay accommodation into more long term rentals.
At White House we are here to help you with your property We’re here to help you understand these new opportunities and discuss how the recent changes might affect your property plans. Feel free to reach out to us anytime.
