Are you Buying an Off the Plan Apartment?
In the State Governments 2017/18 budget there are plenty of incentives for purchasers looking to buy off the Plan Apartments. Adelaide has so much potential and plenty to choose from, so if you have been considering buying an apartment to live in or as an investment, right now certainly is the time. To get involved take some time to check out what incentives are available by reading below.
If you are a foreign purchaser looking to invest in South Australia please note that if you enter into a contract on or after 22 June 2017, you will not be eligible for any concessions or grants.
Stamp Duty Concession
The Stamp Duty Concession of up to $15,500.00 was originally due to end on 30th June 2017 but has now been extended for a further twelve months to 30th June 2018. This is a great bonus for South Australian Investors!
The concession provides a full stamp duty concession on a transfer of a new apartment or substantially refurbished apartment for a contract entered into from 31 May 2012 to 30 June 2014 (capped at stamp duty payable on a $500 000 apartment) and a partial concession from 1 July 2014 to 30 June 2018.
For contracts entered into between 20 June 2016 and 30 June 2018 (inclusive), the concession applies to purchases of off-the-plan apartments located anywhere in South Australia.
Pre – Construction Grant of $10,000.00. What is that?
On top of the extension of the stamp duty concession there is now a $10,000.00 Pre Construction Grant available for investors purchasing an apartment. This is only available to purchasers that now enter into an eligible off the plan apartment contract between 22 June 2017 and 30 September 2017 and is only applicable where construction has not commenced.
First Home Owner Grant
If you are a First Home Owner then you will also be eligible for the First Home Owners Grant of up to $15,000 for new residential property which of course also applies to Off the plan Apartments.
Now if you add the above up then if you are an investor purchasing an off the plan apartment you could receive a saving of $25,500.00 and of course if you are a First Home Buyer as well then you could save up to $40,500!
Land Tax Exemptions
Just when you thought that you are ready to buy there is one last incentive that should just tip the odds in your favour. Off the Plan Apartments will now also be exempt from Land Tax for the first five financial years after purchase. It will apply to any off the plan contract entered into from 22 June 2017 through to 30 June 2018. If you sell the property before the five years is up then this exemption will no longer apply.