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Property News

Victorian budget places emphasis on residential property market

May 04, 2012

The new budget issued by the Victorian government has seen continued funding made available to cut the cost of stamp duty for first time buyers.

This tax is levied against both land and property transactions and can cost purchasers a significant amount that usually needs to be factored into their mortgage.

The move to reduce this amount for first-time homeowners has been met with positive reviews from the state's peak industry body, the Real Estate Institute of Victoria (REIV).

Chief executive of REIV Enzo Raimondo said that the residential real estate market was closely linked to a healthy economy and that any move made by the state government to promote this was a sound investment.

Mr Raimondo asserted: "In light of the very difficult broader economic conditions, it is pleasing that action was taken to ensure the Victorian economy is primed for growth."

"The provision of $65 million to fund the increase of stamp duty cuts for first home buyers from 20 to 30 per cent on January 1 2013 is welcome, given the severe economic constraints the government faced in this Budget."



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