Apartment concessions for South Australia

The South Australian Government has recently announced it will extend and expand stamp duty concessions for off-the-plan apartments as part of the 2016-17 state budget.

The concession of up to $15,500 was due to expire at the end of this month. It previously only applied to properties in the CBD and inner-city suburbs but will now be available across the state.

This comes as welcome news to the Urban Development Institute of Australia (UDIA – SA).

Executive director Pat Gerace says the UDIA has been urging the government to continue stamp duty concessions for off-the-plan apartments, which will now be extended by 12 months until June 30 next year.

“We’ve been pushing the state government to extend stamp duty concessions to outside of the CBD, so we’re pleased with this announcement,” Gerace says.

“These stamp duty concessions will make apartment properties more affordable and help more homebuyers into the market.

“Importantly, it will also allow more choice for those who are downsizing or trying to get into the market but don’t want to live in the city.”

The UDIA called for the continuation of off-the-plan apartment concessions in its submission to the SA Government ahead of the July 7 budget.

It has also requested the government remove land tax on undeveloped residential land, which would reduce the land tax impost that is ultimately applied to pricing when the land is eventually ready for purchase by homebuyers.

The UDIA is also calling on the government to provide funding to establish proposed infrastructure schemes and an e-planning system by mid-2018 – as outlined in the recently passed Planning, Development and Infrastructure Bill 2015.

“There’s been good progress in recent times to reform the state’s planning system, so it’s important the government provides the necessary funding to establish new initiatives such as infrastructure schemes and an e-planning system to help unlock new investment and generate economic growth,” Gerace says.

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