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2020 has been a devastating year for many households and businesses. Australia moves through its first recession in over 28 years. However, in property market, the cost of borrowing money is probably one of the most important factors influencing property values. Over 2020, the RBA have reduced the official cash rate target (which influences lending rates) by 65 basis points, to 0.1%.

In a bid to stimulate economic activity, the reduced cash rate has lowered bank funding costs, leading to record low mortgage rates. This relationship has held up historically, with RBA research previously suggesting that a 100 basis point reduction in the cash rate can lead to an 8% increase in property values over the following two years.

2021 is another exciting year in Melbourne Real Estate, the support from the government as below:-

The Victorian Government 2020/21 budget revealed that Victoria will offer major stamp duty discounts as a means to stimulate the property market.

The Government will waive a percentage of stamp duty for residential properties valued up to $1 million as follows:

* 50% waiver on purchases of newly built or off-the-plan residential properties.

* 25% waiver on existing residential properties.

The waiver applies to contracts entered into on or after 25 November 2020 and before 1 July 2021.

The increase in the threshold of the value of residential properties to $1 million from the previous $750,000 threshold, will mean that more people will be eligible for stamp duty discounts. Together with other subsidies announced in the budget, the government hopes this will fast-track Victorians into home ownership and stimulate the property market.

The change also reflects a saving of up to $27,500 for buyers of a new home, and a saving of up to $13,700 on the purchase of an established home.

The 50 per cent stamp duty concession for commercial and industrial properties in regional Victoria has also been brought forward to January 2021 to support business to open, relocate or expand.

The Government has also extended the $20,000 First Home Owner Grant for those buying or building a new home in regional Victoria. This Grant will continue to apply to contracts signed up to 30 June 2021.

To discuss about "How to sell for more" on your property in this market. 

Please contact Vincent Lim on 0437 008 418.