Buyers slugged by new stamp duty limits; Houses selling before viewings

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WA stamp duty tax exemption drops to $430,000 in new budget
The median household in Western Australia will face $300 in additional costs in the new Barnett Government state budget. Treasurer Mike Nahan said the new threshold for paying stamp duty tax or first home buyers of established properties will be $430,000 – a drop from $500,000 – along with a 10 per cent across the board increase in land tax. Read the full story here.

New budget in WA pushes first time homebuyers into new construction in the suburbs
West Australian Treasurer Mike Nahan’s budget reorients assistance for first-home buyers “to encourage the purchase of new house and land packages rather than existing buildings.” The cut in the stamp-duty exemption threshold pushes more than half of first-home buyers into the tax zone and will likely wipe out the benefit of the first-home buyer’s grant. Read the full story here.

Quirky Japanese-style home in Avalon sells sight-unseen for $1.3 million in seven days
In a sign of the hot Sydney-area housing market, the home with a hidden bathroom sold to a Sydney barrister who saw pictures of the 1960s architect-designed cottage on the web. He first saw it the day he walked up to sign the contract. The property has 180-degree views from Taylor’s Point over Pittwater, a studio and a large outdoor entertaining area. Read the full story here.

“Prestige” sales in Melbourne a $2 million price tag
Two million is the new one million, according to RP Data. Roughly nine per cent sales are over $1 million, pushing the rarer prestige sales in Brighton and Toorak up into the $2 million range. And it takes a $10 million to make a real splash in Brighton these days. Read the full story here.

Have you a client with a multimillion dollar house for sale?
Hawthorn mansion Avon Court has just sold for a near record $20M. The buyers are from China – and they want more. The 12 bedroom plus house is just the start of an Australian luxury property portfolio for the cashed up purchasers who are looking for “three more large homes on 2,000 square metres + “ the agent told news.com.au “I heard a statistic recently that the overeseas activity in Melbourne’s property market is  just over approximately 10 per cent of all property transactions. 

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