Stamp Duty in Victoria – First Home Buyers Take Note!

Brad Ryan – Harcourts Narre Warren South

I have been asked to add to my blog page some information in relation to what the stamp duty amount payable would be for a first home buyer that is of course going to be living in the home as their PPR ( Principal Place of Residence )

I have collected the information below from the SRO website which is listed below for you to click on to gather additional information based on your own individual situation.

http://tinyurl.com/mmjllw ( SRO Website Link )

As always please consult your conveyancer / solicitor as this information is intended as a guide only.

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For Contracts On Or After 6 May 2008

Duties Rates

Tax rate information according to the Duties Act 2000

For the purchase of your home (i.e. Principal place of residence) for contracts entered into on or after 6 May 2008.
Dutiable Value Range	Rate
$0 – $25,000	1.4 per cent of the dutiable value of the property
$25,001 – $130,000	$350 plus 2.4 per cent of the dutiable value in excess of $25,000
$130,001 – $440,000	$2,870 plus 5 per cent of the dutiable value in excess of $130,000
$440,001 – $550,000	$18,370 plus 6 per cent of the dutiable value in excess of $440,000
$550,001 – $960,000	$28,070 plus 6 per cent of the dutiable value in excess of $550,000
More than $960,000	5.5 per cent of the dutiable value

 

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Principal Place Of Residence

What is a PPR concession?

A Principal Place of Residence (PPR) concession is a concessional rate of duty that applies to transfers of property where the contract of sale is entered into on or after 1 January 2007 and the land purchased is intended to be occupied as a PPR.

The applicable concessional rate of duty depends on the dutiable value of your PPR and the date on which the contract to purchase the PPR was entered into.

For contracts entered into on or after 6 May 2008:

Dutiable value of the PPR	Reduced rate of duty	Standard rate of duty	Difference
> $130,000 to $440,000	$2,870 plus 5% of amount > $130,000	$2,870 plus 6% of amount > $130,000	Rate reduction of 1%
> $440,000 to $550,000	$18,370 plus 6% of amount > $440,000		Duty reduction of $3100

 

For a complete range of homes for sale see my website www.bradleyryan.harcourts.com.au

Home For Sale Berwick – 59 St.Boswells Ave Berwick

Auction 15th August 2009

Don’t Hesitate Here.

Come one, come all to see this beautifully presented two story home standing tall in prestigious Berwick, comprising three bedrooms plus study or 4^thbedroom. The master bedroom is secluded upstairs with its own full ensuite and multiple built in robes. Downstairs you are greeted with the kitchen and its generous size meals area, separate family room and formal lounge with its very own cozy open fire place. Extra features include two split system cooling/heating units one in the family room and the other in the master bedroom, great outdoor decked area and great side access through to the barn style garage/shed great for tradesmen and could easily fit a truck/caravan etc.. All this just a short stroll from Eden Rise shopping centre, your inspection will be sure to impress.

Auction: Saturday 15th August at 12.00pm on site.

Terms: 10% Deposit – Balance 120 Days.

Home For Sale Hampton Park – 7 Neesan Court Hampton Park

Must Be Sold! Vendor Says Sell.

AUCTION

 

Must Be Sold! Vendor Says Sell.

 This home spells out opportunity for the first home buyer or astute investor.

 On offer with this young home are:

*Three bedrooms plus study

*Full Ensuite & Walk-in robe to master

*Formal Lounge

*Generous family room / Rumpus

*Outdoor entertainment zone

*Rear Access from the double garage.

* Land size: 500m2 ( approx )

* House size: 21sqs ( approx )

 

Auction:11^th July 2009 at 12.00

Inspect: Saturdays 11.30- 12.00

Terms: 10% Deposit – Balance 30 Days

 For More information please contact Brad Ryan 0412 889 895

Tips For Bidding At An Auction Part 1

If you are going to attend an auction to bid for a property, there are some routine things you need to do on the day, before the auction begins.

*Arrive in sufficient time beforehand for a final walk-through of the property and to allow you to check the contract, vendor’s statement, information about auctions and the auction rules, which will all be on display.

*If you have any questions, do not be afraid to raise them with the auctioneer before bidding starts. One of the rules is especially important in today’s auction climate when many properties are passed in and sold shortly afterwards. This rule says if a reserve price has been set – invariably this will be the case – and the auctioneer passes the property in below that price, the owner will first negotiate with the highest bidder for the purchase of the property.

*If you have participated in the bidding or have been sitting back watching how it is progressing, and the auctioneer announces the property is going to be passed in, it is a good strategy at this point to bid up to obtain the right to “first negotiate” with the owner.

Look out for more of my Auction Tips in the near future.

Have a Fantastic Week

Brad

First Home Buyer News!

First home buyers…It has been reveled by “Crikey’ that The Australian Banks, currently led by the Commonwealth, are about the end the dream for first home buyers, and could to some extent bring the downfall to our economy that is being fulled by first home buyers.

As of Monday….yes Monday the 23rd!! The Commonwealth Bank will not recognise the first home buyers grant of $14,000 for an existing home and furthermore the $21,000 for a new home as proof of savings.

They will now demand a percentage of savings over three months, 3% in fact of the purchase price leading up to your application. The CBA will also not accept gifts or other forms of financial assistance from mums and dads, grandparents or uncles as the proof of saving that new dreaded 3%, if it has not been in a account for at least three months.

The banks have been swamped with loan application’s and are doing their best to slow down the process, with a tougher stand on credit checks and valuations of property’s are all OK.

With this huge volume of loan applications the banks are seeing, this proves yet again that there should be an extension to the government grants, and now is a great time to sell and upgrade or to get your very own first home. For me now more than ever is the right time to buy your very own piece of Australia, so get out there find that dream home and grab it!

For all the latest property results look up my website www.bradleyryan.harcourts.com.au or follow me on “twitter”  brad_ryan

Have a Fantastic weekend!

Brad

First Home Buyers Grant-Boost

Boost for First Home Buyers

Following a large amount of interest in the actual amount of the grants on offer and what they have been in the past I have updated you all with the latest information from the State Revenue Office.

Harcourts Narre Warren South has a number of New Homes and Established homes available to purchase your very own piece of Australia!!

The Federal Government has announced significant increases to the Grant available to first home buyers. The new measures now bring the total available to those buying a newly constructed home to $26,000 increasing to $29,000 in regional Victoria (subject to certain requirements).

First home buyers purchasing an established home will now be entitled to $14,000 increasing to $17,000 (subject to certain requirements).

First home buyers will be eligible for the new additional assistance for contracts entered into from 14 October 2008 to 30 June 2009.

More than 150,000 first home buyers are estimated to benefit from the time-limited scheme.

Under the First Home Owner Boost:

• First home buyers who purchase established homes will receive an extra $7,000 to take their total grant to $14,000; and
• First home buyers who purchase a newly constructed home will receive an extra $14,000 to take their total grant to $21,000.

The Rudd Government will invest around $1.5 billion in the housing market over 2008-09 and 2009-10 through this initiative.

In addition to these amounts, first home buyers may also be eligible for a further bonus (subject to certain requirements). Please refer to the table below for further information.

Contract Date	Conditions	First Home Owner Grant	New First Home Owner Boost	First Home Bonus #	First Home Owner Regional Bonus #
From 14 October 2008 to 30 June 2009 *This information has been taken from the Prime Minister’s Media Release dated 14 Oct 2008. This information is subject to formal approval.	Established homes only	$7,000	$7,000	$3,000	$0.00
	Newly constructed homes in Metropolitan Victoria only	$7,000	$14,000	$5,000	$0.00
	Newly constructed homes in Regional Victoria only	$7,000	$14,000	$5,000	$3,000
From 6 May 2008 to 13 October 2008	Established homes only	$7,000	$0.00	$3,000	$0.00
	New homes in Metropolitan Victoria only	$7,000	$0.00	$5,000	$0.00
	New homes in Regional Victoria only	$7,000	$0.00	$5,000	$3,000
From 1 January 2007 to 5 May 2008	Established homes only	$7,000	$0.00	$3,000	$0.00
	New homes only	$7,000	$0.00	$5,000	$0.00
From 1 January 2006 to 31 December 2006	Established and New homes	$7,000	$0.00	$3,000	$0.00
From 1 May 2004 to 31 December 2005	Established and New homes	$7,000	$0.00	$5,000	$0.00

# Additional Condition: To be eligible to receive the Bonus and Regional Bonus, the value of the property must not exceed $500,000.

Comment: The information provided in the above table is to be used as a guide only.

Click here for detailed information on the First Home Owner Boost Scheme.

Economy Dependant on Extension to Increased First Homebuyers Grant

 

MEDIA RELEASE   

          

Economy Dependant on Extension to Increased First Homebuyers Grant           

 

Better than expected results in the real estate market following the federal government’s first homebuyers incentive package increase indicate that an extension was needed to help create a strong economy, according to the Managing Director of Harcourts International, Mike Green.  

 

Mr Green said that recent statistics revealed there had been a dramatic increase in the sale of houses in the $300,000 to $400,000 bracket between the second half of 2007 and second half of 2008, with house sales in this bracket accounting for 48% of all sales – a 5% increase from the same period of 2007.

 

“ These figures come as no surprise considering that first home buyers now represent more than one quarter of all owner occupied housing purchases; up from just 17% one year ago, which is exactly the effect the Rudd Government was hoping to achieve by increasing the first homebuyers grant. Since Christmas we have seen continued strong activity in this market segment,” Mr Green said.

According to Mr Green, the activity in the first homebuyers bracket resulted in a flow-on effect to property in other brackets, as home owners selling their property to the first home buyers, were then freed up to buy, in the main, at the next level up, in turn freeing up those sellers to do the same.

Mr Green said that by extending the increased first homebuyers grant beyond the June 2009 deadline, to possibly June 2010, the Federal Government would be ensuring the Australian property market remains active.

 

He said that state governments with other initiatives in place, such as stamp duty reductions and concessions, are also playing their part and should look to broaden those measures to assist in continuing to create market activity.

 

“Activity and strong demand in the property market helps create a strong economy and provides job opportunities, certainly in the real estate sector, but also in the construction sector and the many others reliant on it,” he said.

Media Release

 

MEDIA RELEASE 

 

 Leading World Authority in Real Estate Identifies Harcourts in Top Five Brands in the World

   

 Harcourts International has been identified by a leading world authority in real estate, Stefan Swanepoel, as one of the top five international real estate brands in the world. 

 

According to Managing Director of Harcourts International, Mike Green, the 2009 Swanepoel Trends Report showcased Harcourts International as an organisation that is leading the change in expanding successfully into other countries and continents.

 

The report describes Harcourts’ success as among other things, being based on a “people oriented culture” that has resulted in a turnover rate that is significantly lower than the industry average.

 

‘A youthful Gen X culture has energized the company’s drive, creativity and passion. That cultural mindset is further defined by a clear purpose and a business philosophy that flows down through the organization in the form of four very simple but specific values that are constantly communicated: People first; Doing the right thing; Being courageous; and Fun and laughter,’ the report stipulates.

 

Mr Green said that to be recognised in the 2009 Swanepoel Trends Report as an organisation that was influential on a global scale spoke enormously of how far the group has come since he brought Harcourts to Australia in 1997. 

 

“This is truly exciting for the Harcourts team and demonstrates that we are now becoming recognised internationally for the quality of our organisation in all aspects.  Continuing our strong international growth and constantly striving for our goal of being one of the world’s leading real estate franchise groups will provide even greater marketing opportunities for our clients and our people through greater brand awareness and profile on a global stage.”

 

Today the group has over 600 offices, 4,000 full-time sales consultants, 1,500 support staff and a sales

volume in excess of $19.5 billion (fiscal 2008).

 

Stefan Swanepoel is widely recognized as the leading visionary on trends and change in the real estate industry. He has penned 14 books, whitepapers and reports including the 1998 Amazon.com bestseller, Real Estate confronts Reality (1997), the sequel Real Estate confronts the Future (2004) and the Swanepoel TRENDS Report (2006, 2007, 2008 & 2009).

 

Before making California his home, Mr Swanepoel lived on three continents and developed a broad international business background. He has served as CEO, President or senior executive of various businesses including a; bank, construction company, international franchise, software company, real estate brokerage, and a publishing company. Today Mr Swanepoel serves as Chairman and CEO of RealtyU® Group, Inc. the largest career development company serving the real estate industry as well as CEO of RealSure, Inc,. a leading management consulting company providing consulting services to real estate and non real estate companies.

 

Already the fastest growing real estate group in Australia and the largest in New Zealand, Harcourts is now operating in nine countries: New Zealand, Australia, Fiji, Indonesia, Singapore, Zambia, China, South Africa and Botswana.

 

 

Have a Fantastic Day,

Brad.

(I am proud to be a part of the Harcourts family)

 

What is Your Home Worth?

Great question? The Herald Sun has once again published its list of hits and misses in the property market on the highs and lows of everyday mums and dads homes or that investment property you keep a hawk like eye over.

The results for Narre Warren South are in!

2003 Median Price: $270,000

2007 Median Price: $315,000

2008 Median Price: $355,000

1 Year Change: 12.7% +

5 Year Change: 31.5% +

WOW, what a fantastic return on your investment with a home in Narre Warren South.

Hope this will bring a smile to your face

If you would like to have a private confidential chat about your homes current market value please feel free to contact myself anytime:

brad.ryan@harcourts.com.au

www.bradleyryan.harcourts.com.au

03 9705 3000 / 0412 889 895

Brad.

The Round Up weeks 5-9

Again the time just seems to fly-by with the local real estate market going great guns! Yes another fantastic month has been accomplished by the team at Harcourts Narre Warren South. We have seen some fantastic sale prices, quick sales and important as always some very happy clients both buyers and sellers alike.

I have found that again the homes with the best photography, Internet exposure and the willingness of sellers to offer their home available fro inspection on any day or time, including open for inspections are the homes that are generating the most inspections and as a result selling.

For buyers in today’s market it is just a amazing opportunity to grab your very own piece of Australia, government grants or the new buzz word…boosts!, a very transparent market place with property prices with-in reach ( for now! ) interest rates at their lowest, and a distinctive lack of competition with investors, giving buyers the opportunity to make a conditional offer subject to finance, building and pest inspections and not worry about Mr Investor coming in over the top with their unconditional offer, today is a great time to buy!

P.S- My lovely wife gave birth to our third son Harry Xavier on the 10th February 2009, both mum and Harry are doing great Thank you very much for all your well wishes.

Have a fantastic week,

Brad