Home development, Alphington: Caydon offers up to $101K rebate as stamp duty tweaks cost buyers
Rebates of up to $101,000 are being offered at the Home by Caydon development.
A Melbourne developer will offer rebates up to $101,000 to apartment buyers after the end of a stamp duty concession this week left many worse off.
On July 1, buyers lost a 50 per cent stamp duty concession that was put in place for new homes up to $1m as an emergency measure in the state government’s 2020 budget.
Under a new arrangement now in place, off-the-plan homebuyers will pay stamp duty only on the dutiable value – the undeveloped component of their purchase price – up to $1m.
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While this is a win where an off-the-plan home didn’t qualify for the previous arrangement, many apartment buyers who typically have a low dutiable value are now worse off.
Recent State Revenue Office figures show an extra $1000 in tax payable for a home with a modest $100,000 dutiable value – and that gap grows as the dutiable value does.
The development will come with a rooftop infinity-edge pool looking to the CBD.
Developer Caydon has announced a Caydon Home Grant with an up to $101,000 rebate on the cards for those who buy into their 16-storey Home complex in Alphington by September 30.
Director of sales and marketing Steve Williams said settlement rebates would range from $27,000-$60,000 for a two-bedroom unit to $51,000-$101,000 for three-bedroom homes at
the project.
“We saw this as a chance to step in and provide buyers a boon, following the phasing out of the 50 per cent concession on stamp duty, by providing an opportunity to save on their next home,” Mr Williams said.
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Apartments are designed with bright decor and open-plan living.
The Home complex, which sits in a high-profile corner of Glenvill’s YarraBend infill development, has sold 55 per cent of its 324 apartments and is expected to be built by July next year. When finished, it will showcase a rooftop residents’ space with an infinity-edge pool looking back to Melbourne’s CBD.
Two-bedroom apartments eligible for the grant are priced from $691,000-$1.508m. Three-bedroom homes cost from $1.29m-$2.548m.
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