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Errr I dont’ think you can buy cheap property. I just think that all the low price range proeprties will increases up to the $500,000 mark (since first home buyers dotn’ have to pay stamp duty and the price sure will be increase). But on the down side since properties over the $500,000 without such benefits I think that might drop specially the property between $550,000 because it’s hanging in between the stamp duty free margin.
Errr I think you still need to pay stamp duty even with purchase price less then $500,000.
It’s only benefit for the FIRST HOME BUYERS which can wave off the stamp duty with a purchase price less then $500,000.
which I think the benefit for first home buyers around $18K.Detail:
*Owners of investment property will pay a stamp duty of 2.25% upon the valoe of the properyt when it is sold. This measure does not apply to a person’s principal place of residence or to farms. To ensure that only property profits are being taxed, properties will be exmpt from the duty in cases where the vendor’s sale price does not exceed 12% of their original peruchase price.
*Currently a tax applied to owners of homes with a land value of 1.97M or more, this arrangement will be abolished and in future the Premium Properyt Tax will be applied as a marginal stamp dute rate of 7% on that peart of the value of the properyt that exceeds $3M.
