Australia's leading property portal for the off-the-plan niche Offtheplans.com.au wishes to remind prospective property buyers that the chance to be spared stamp duty on an off-the-plan property purchase in New South Wales will end on July 1, 2012. It is urging property investors and those considering buying off the plan to act before the above deadline to save as much as $24,490 in stamp duty, which is a significant reduction in purchasing costs and is sure to greatly impact the overall return on the property.
The NSW government's Home Builders Bonus provides that new homes where the value does not exceed $600,000 and vacant land with value up to $400,000 are fully exempted from stamp duty until June 30, 2012. Homes already under construction are eligible for partial stamp duty reduction of 25%. The Home Builders Bonus is effective in a two-year duration starting on July 1, 2010 and ending before July 1, 2012. During this time, there is no limit to the number of off the plan property purchases a person may make under said concession, which was implemented to address the housing shortage and give the construction industry a boost.
The latest NSW state budget is slated to be handed down on June 12. The real estate industry is waiting to find out what changes are going to be made to stamp duty legislation. Stamp duty laws vary from state to state. These can majorly impact the purchase price of a property, so it's vital to take them into consideration when deciding to buy a home.
As the end of the two-year period approaches and the state budget is finalized, certain groups are calling on the government to cut general stamp duty fees to stimulate the property market. In the meantime, the Home Builders Bonus initiative is still in effect and those who wish to take advantage of it can find a wide selection of off the plan properties that qualify listed on Offtheplans.com.au. Many listings specify that their purchase comes with the incentive of off the plan stamp duty savings.
"Offtheplans.com.au is a leading online real estate directory for bringing you all the latest new developments, new home designs, house and land packages, land releases and commercial projects," explains Offtheplans.com.au's CEO Tim Whall. "We focus solely on off the plan real estate products and projects, an ideal website for any resident or foreign investor looking for new property in Australia. It offers an advertising medium for new apartments, commercial projects, townhouses, house and land packages, land and estate sales, and brand new homes." For further information, visit http://www.offtheplans.com.au.
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