Axcent Conveyancing Services

For the state of Victoria, the recent budget increases the surcharge rates of duty and land tax for foreign purchasers. The surcharge rates for stamp duty will increase from 3% to 7% , effective from 1 July 2016 and from 0.5% to 1.5 % for land tax, effective from 1 January 2017. In essence this results in an overall increase of duty and taxes for foreign residents purchasing land or holding land in Victoria. Similar surcharges have also been introduced for both NSW and Queensland. It will be interesting to see whether or not this increase in surcharges will deter foreign purchasers from investing in our State, and what impact the potential deterrence will have on the property market.

Food for thought for anyone considering a purchase of a high rise apartment...

Clad Wrap: Implications for insurers arising out of non-compliant cladding | Lexology On 25 November 2014, a fire broke out on an eighth floor balcony of the Melbourne Docklands’ Lacrosse Apartments (Lacrosse Apartments). The fire…