First-home buyers who have their sights set on a CBD apartment in Adelaide could save more than $40,000 if they sign contracts within the next two months on off-the-plan developments.
In a recent budget speech, SA Treasurer Tom Koutsantonis revealed that a number of property developments had not sold enough apartments off-the-plan to begin construction. To encourage sales and speed up construction, a $10,000 pre-construction grant will be given to buyers of off-the-plan apartments who sign a contract before September 30, 2017.
On top of the grant, other incentives for buyers include stamp duty concessions of up to $15,500, and a first-home owner grant of $15,000 for buyers of new residential property. In all, a first-home owner buying a new apartment could save up to $40,500.
Those who’ve previously owned a home will be eligible to receive the stamp duty concession and new grants of up to $25,000.
The $10,000 pre-construction grant, combined with the Adelaide City Council’s scheme to give owner-occupiers a “five-year holiday from council rates” was a great incentive to buy off-the-plan, according to Koutsantonis.
“It’s our responsibility as a state to make sure people can buy an apartment where they grew up,” he said.
The Weatherill government’s initiative is designed to limit urban sprawl, bolster job and economic growth via construction projects, and enhance city vibrancy. The majority of new developments are concentrated in the CBD and fringe suburbs.
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