The end of a council tax holiday sparks a rush for last-minute apartments in Melbourne

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Frantic last-minute apartment buyers in Melbourne were signing deals in an “absolutely ballistic” month, due to an offer from the City of Melbourne.

Melbourne apartment buyers were signing contracts from midnight on June 30.

This marked a last-minute rush for completed CBD apartments eligible for the reduced stamp duty on offer in the City of Melbourne over the past financial year.

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Buyers spending up to $1 million were able to pay 50% stamp duty for homes completed in the municipality in the past year, or get a full stamp duty waiver for those completed more ago. one year – as long as they had not been sold. prior.

In June, developer OSK announced it had sold 39 completed apartments worth a combined $37 million in the first stage of the $2.8 billion Melbourne Square development.

Sales and marketing director Scott Jessop estimated that there were 100-120 sales that entered the program during development, and added that the last contracts were finalized minutes before the end of the program. schedule on July 1.

“There was a last-minute rush,” Mr Jessop said. “Normally, the winter is quite calm for project sales.

“But the last two months have been absolutely ballistic.”

People looking for a bigger apartment or downsizing drove sales of mostly two-bedroom units.

Mr Jessop said buyers also appreciated that the homes were complete and could be inspected before buying, a rarity for new CBD apartments typically sold off-plan.

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Central Equity marketing director Jeremy Vile said the company had two projects eligible for a 50% stamp duty grant, Focus (inset) and Parkhill. Both have attracted gradual and consistent increases in surveys, Mr. Vile said.

Melbourne City Acting Mayor Nicholas Reece said developers had more widely “reported increased interest and sales in the CBD due to stamp duty savings”.

The council called for the exemptions to be extended and Mr Reece said he would continue to look at ways to attract new residents to come and live in ‘Australia’s most livable city’ as part of the relaunch of the CBD economy.

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Originally published as End of council tax holiday sparks rush for last minute apartments in Melbourne

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