What are the outgoings? Ask for the Owners Corporation Budget so you can find out any applicable fees.
Olivia Round | Jun 8,2021 | 3 min read
When buying any home in Victoria, you’re required to pay a stamp duty fee, which is a land transfer tax charged by the government. Aside from the benefits of buying a brand new house, significant savings on stamp duty fees have been known to attract many buyers to the new build/off-the-plan housing market.
Recently we caught up with real estate expert, Heath Thompson from Projects by Buxton Real Estate who gave us the low down on off-the-plan Stamp Duty, plus some of his top tips to help you save on your new home purchase.
Watch the interview:
Heath’s advice: Choose the right solicitor, ensure you understand which stage of construction the development is at and undertake thorough research.
To assist you with your research, we’ve put together a guide to help you understand more about how stamp duty works in Victoria.
Sometimes different rules can apply to off-the-plan property purchases, including subsidies and exemptions. Particular off-the-plan packages will qualify for a reduced fee (concession) by deducting construction costs occurring on or after the contract date. This decreases the dutiable value.
Dutiable value is not necessarily the price you paid for the property. When purchasing off-the-plan, this value can be far less than the purchase price.
Firstly, you need to make sure that you are eligible for a stamp duty concession.
Next, you need to work out which of the two methods of calculating the dutiable value are being used by the developer you are purchasing the property from, the fixed percentage method or alternative method.
Each method has its advantages and disadvantages depending on the individual property.
More information can be found at www.sro.vic.gov.au.
Currently (in 2021) stamp duty has either been reduced or removed for qualifying first home buyers to make it easier for buyers to enter the property market. Stamp duty fees have been removed for homes $600,000 or less. First home buyers (and other parties if a joint purchase) must also meet the First Home Owner Grant eligibility criteria.
Often a stamp duty concession (not an exemption) will be applied to off-the-plan purchases where the dutiable value is under $550,000. However, there are stimulus packages from time to time which will increase this threshold. Eg. until 30/6/2021, the dutiable value is increased to $1m with additional stamp duty concessions.
An increased dutiable value threshold is continuing from 1/7/2021 with specific details to be confirmed.
Investors are generally required to pay the full dutiable value of the off-the-plan property at settlement.
Keep an eye out for State Government announcements, as this could change.
In Victoria, you’re required to pay stamp duty fees within 30 days post-settlement.
You purchase an off-the-plan home for $650,000 prior to construction commencing. This property is going to be your primary place of residence. After signing the contract, you’re informed the build cost will be $480,000 for your new apartment. To calculate the dutiable value, you subtract the build cost from the purchase price ($650,000 – $480,000 = $170,000). The dutiable value of the apartment will be $170,000.
Source: VIC State Revenue Office – 8 June 2021
A price of construction to date will be accounted for and added to the dutiable value.
Got any questions about stamp duty? Leave them in the comments section below and we’ll find the answers for you.
Ready to search for property in Melbourne? You can browse the latest off-the-plan listings on the market here.
Joel Robinson | Apr 21,2021 | 2 min read
Soaring Melbourne house prices have got the downsizer demographic questioning whether now is the best time they’ll get to let go of the family home.
And that’s certainly the case in the Glen Eira precinct, with Heath Thompson, director at Projects by Buxton, saying there’s been a strong response from apartment buyers in recent weeks.
“off the plan buying provides significant stamp duty savings for owner occupiers and the opportunity to secure a property at today’s market value and sell their home at later date to take advantage of capital growth in a rising market makes a lot of sense.”
Urban have wrapped up four of the best apartments and townhomes on the market in the Glen Eira LGA.
1. MCKN, McKinnon
Developer: Dealcorp
Prices: Two bedroom apartments start from $720,000
The longstanding Melbourne developer Dealcorp will soon be seeing buyers move in to MCKN, their boutique apartment development in McKinnon.
The project, comprising just 41 apartments across its five levels, has been designed by the award-winning architects RITZ&GHOUGASSIAN and is already 70 per cent sold ahead of its expected August completion.
MCKN has been a hit with families so far, as well as those planning to have kids, due to the size of each apartment and its proximity to McKinnon Secondary College, one of the state’s highest ranked schools.
2. Awaken, Brighton
Developer: Skelton
Prices: Two bedroom apartment from $1.15 million
Awaken – 30-32 Rooding Street, Brighton30-32 Rooding Street, Brighton VIC 31862 – 3
Awaken is the latest luxury development by the developer Skelton. Leading Melbourne architect Travis Walton designed the building, set in landscaping by ACRE.
The facade’s of the 13 townhomes comprise locally-sourced European-styled brickwork and electro-bronze metal detailing.
3. New Ormond, Ormond
Developer: Sloane Property
Prices: Three bedroom townhouses from $1,195,000.
New Ormond – 245 Grange Road, Ormond245 Grange Road, Ormond VIC 32043
New Ormond is the boutique townhouse project by Sloane Property, who have had Megowan Architectural create the development of just seven townhomes which sit in gardens by John Patrick Landscaping.
Slated for completion in July 2022, the townhomes each have three upstairs bedrooms, an open-plan kitchen, living and dining area which opens to a landscaped courtyard, and a lock-up garage for two cars.
4. Alia, McKinnon
Developer: BCentral
Prices: Three bedroom apartments from $1.19 million
.ALIA – 240-250 McKinnon Road, McKinnon240-250 McKinnon Road, McKinnon VIC 32043
The recently completed Alia in McKinnon, designed by the well regarded Bruce Henderson Architects, only has a handful of apartments left in the boutique McKinnon Road development.
Also popular for its proximity to McKinnon Secondary College, Alia is located less than 200 metres from McKinnon Station and boasts never to be built out views of the city skyline, bay and ranges.
While marketing was underway, MCKN’s project team went back to re-design some apartments in line with local demand and were able to secure additional carparking.
Joel Robinson | Apr 13,2021 | 1 min read
The respected developer DealCorp have seen a quick take up of their unique promotion of offering their apartment buyers a chance to secure a further parking spot for just $1.
It’s in their contemporary McKinnon apartment development MCKN in Melbourne’s Glen Eira district, south-east of the CBD.
While marketing was underway, MCKN’s project team went back to re-design some apartments in line with local demand and were able to secure additional carparking.
The two bedroom, two bathroom apartments were offered the parking spaces for $1.
Read more: Why families are snapping up apartments in McKinnon’s MCKN development
“Understanding buyer demand and being agile is what DealCorp prides itself on”, DealCorp marketing manager Laurelle Kobritz says.
“The market surrounding McKinnon is sophisticated and aware of incentives, so we needed to offer a stand out offer buyers couldn’t refuse if they were considering MCKN.”
There’s now just one car park remaining from the promotion, which DealCorp expect will be snapped up before the promotion closes at the end of the month.
DealCorp have secured around 70 per cent of sales already at MCKN, the boutique apartment development of just 41 on Jasper Road.
Spanning five levels, MCKN has been designed by the award-winning architect RITZ&GHOUGASSIAN to pay homage to the functional designs of the neighbouring architecture.
The façade is a bold, textured surface of fluted concrete panels, which guide flourishing young shoots up the building’s exterior.
It’s been a hit with families or prospective families so far due to the size of each apartment and its proximity to McKinnon Secondary College, one of the state’s highest ranked schools.
Completion is slated for August 2021, with the well regarded construction firm Hamilton Marino Builders handling the build.
Olivia Round | Apr 12,2021 | 2 min read
Melbourne’s popular neighbourhood of McKinnon will soon be home to Dealcorp’s latest development, MCKN which is on schedule for completion in Q3 of 2021. This particular development is a highly coveted one for three reasons:
Take a look at our display suite tour:
Developer: DealCorp
Architect: Ritz&Ghougassian
Homes from: $755,000
Location: 236 Jasper Road, McKinnon VIC 3204
Number of residences: 41 residences
Once complete, the boutique development will stand five levels tall and include 41 spacious, light-filled apartments and sophisticated penthouses situated within prime access to world-class amenities. Developer DealCorp have over 30 years of experience delivering high-quality homes across Melbourne’s urban landscape.
A ground floor cafe means residents can enjoy a morning coffee on the way to work, with a home sanctuary to return to each day.
The kitchens feature stone benchtops, 2pac joinery, platinum-toned fixtures and Smeg appliances, with spacious open plan living areas extending to outdoor balconies & terraces.
MCKN bathrooms feature the most exquisite large format stone tiles, with a minimalist walk-in shower, floating vanity and concealed cistern. Each bathroom exudes modern luxury.
Residents will enjoy the generous amount of storage and practical floorplan, which offers flexibility to suit all lifestyles.
MCKN is in zone for McKinnon Secondary College, which is only a five-minute walk away, and just 500 metres from the nearest train station, meaning you can access Chadstone and Southland Shopping Centres in minutes.
MCKN has now commenced construction, with leading local builder Hamilton Marino facilitating the build. To call MCKN home by the time it’s complete in Q3 2021, request a call from the sales consultant today via Urban.
The south-east Melbourne project in the Glen Eira area has been a hit with families so far, as well as those planning to have kids, due to the size of each apartment.
Joel Robinson | Mar 19,2021 | 3 min read
The longstanding Melbourne developer Dealcorp will soon be seeing buyers move in to MCKN, their boutique apartment development in McKinnon.
The south-east Melbourne project in the Glen Eira area has been a hit with families so far, as well as those planning to have kids, due to the size of each apartment and its proximity to McKinnon Secondary College, one of the state’s highest ranked schools.
There are just 41 apartments in the five-level Jasper Road complex, with around 70 per cent already snapped up before its August completion.
Urban has taken a look at why MCKN should be on a buyers shortlist.
Dealcorp have been developing property since 1984 when the company was founded by executive chairman and industry veteran David Korbitz, who continues to run Dealcorp with a small agile team of management experts.
Dealcorp have completed over 60 successful projects including AURA on Flinders Street, their biggest project to date with 275 apartments, as well as the double UDIA award-winning Polaris 3083 in Bundoora.
Award-winning architect RITZ&GHOUGASSIAN have designed the development.
The façade is a bold, textured surface of fluted concrete panels, which guide flourishing young shoots up the building’s exterior.
MCKN pays homage to the functional designs of the neighbouring architecture, fitting in with its surroundings but adding its own chapter to McKinnon’s evolving architectural story.
Hamilton Marino Builders is one of Victoria’s most experienced and sought after multi-level apartment construction companies.
RITZ&GHOUGASSIAN is led by the founders Gilad Ritz and Jean-Paul Ghougassian, who started the company in 2015.
The building sits in landscaping by John Patrick Landscape Architects. John Patrick himself is a highly recognised landscape architect deeply involved in horticultural writing, radio and television programs with a focus on gardens, plants, and history. He was a popular presenter on ABC’s television series Gardening Australia from 2002–2017.
MCKN sits on the corner of Jaspers Road and McKinnon Road, directly between McKinnon Secondary College and the McKinnon Train Station. Commuting to the CBD takes just half an hour.
A cafe is located below the development, a convenience store sits opposite and Hotel McKinnon is located across the road.
McKinnon Secondary College, one of the state’s highest ranked schools, is just a five minute walk which is also drawcard for the family buyers.
The apartments have been designed to take in natural light with floor-to-ceilings windows, with light also shining in from the building’s central light column.
Indoor living flows to the outside area with glass doors opening onto a large balcony. The kitchen features natural stone surfaces and is fitted with Smeg appliances. The stone top island anchors the kitchen.
Buyers also have the ability to customise their interiors and floorplan when buying off the plan.
The two bedroom, two bathroom apartments start from $720,000 and three bedrooms start from $1.1 million.
Buyers can currently save up to $40,000 off selected apartments due to the government grants and other bonus’s to assist those enter the property market.
Designed by celebrated Melbourne architect, Travis Walton, the apartments deliver a new standard of luxurious bayside living.
Max Kwok | Mar 16,2021 | 1 min read
The brand-new Awaken development, situated nearby Brighton Beach, is one of North Brighton’s most exciting boutique developments this year.
The residential release of Skelton’s development will deliver 13 two and three-bedroom residences with extensive outdoor living.
“Driven by craftsmanship and artistry, the interior design and architecture work together seamlessly to achieve a design based on the play of materials,” Skelton managing director Michael Skelton said.
Designed by celebrated Melbourne architect, Travis Walton, the apartments deliver a new standard of luxurious bayside living.
The refined architectural composition, comprising locally-sourced European-style brickwork and contrasting electro-bronze metal detailing, draws focus to beautiful outdoors.
Situated in a uniquely secluded, tree-lined, laneway-style street in Brighton, the project features an equally tranquil garden setting, landscaped by Acre Studio.
“Awaken gives equal consideration to indoor and outdoor living, uniting each residence with its garden aspect”, said Acre’s creative director, Brett Robinson.
The development combines natives, evergreen and flowering plants to offer deliver visual impact and create seasonal change.
Awaken’s frameless fireplaces are proving to be a big hit with buyers, according to the developer.
Other offerings within the development include natural oak timber flooring, full wall storage and a flangeless bath.
Two-bedroom apartments within the development are priced from $1,150,000, while three-bedroom residences begin at $1,295,000.
The build will be undertaken by renowned firm, Brompton Construction, who are known for their attention to detail and impeccable craftsmanship.
Flexible floor plans have been added to the top floor of Dealcorp’s MCKN development in south-east Melbourne, which is being sold through Projects by Buxton Real Estate’s Heath Thompson.
Change has come from the top at one of Melbourne’s emerging residential developments, which has been altered to provide more flexible space for buyers.
Developer Dealcorp has redesigned the highest floor of its MCKN project in the Melbourne suburb of McKinnon to give buyers a variety floor plans that can change to suit their needs.
All options have expansive balconies and views which enhance the feeling of space and encouraging airflow, while the placement of the rooms allows for three-bedrooms, two-bedrooms, plus study or additional living space
The site benefits from proximity to McKinnon Secondary College, which is one of the highest performing public schools in Melbourne. There has already been a strong response to the MCKN from the market, with 50 per cent of residences in the building already sold.
Selling agent and Director of Projects by Buxton, Heath Thompson, said while COVID-19 had created many challenges for developers, Deal Corp had taken the opportunity to listen to the needs of the public and implement a design that catered to a post-pandemic lifestyle.
“We were flexible enough to be able to make a change to that top floor and create some spaces that allow people to live in a different way to what we have seen previously,” he said.
“A three-bedroom apartment could become a two-bedroom residence with a home office or additional living space, depending on the user.
“We’ve put a lot of effort into making sure there is a variety of options available for the end user.”
MCKN is currently being constructed by Hamilton Marino and due for completion in the third quarter of next year.
Developers Lucent Group have appointed Swell Constructions to start on their new project Slate House, to be sold through Projects by Buxton Real Estate.
Lucent Group is promoting their new project – Slate House, Brighton – despite strict COVID-19 conditions in Victoria, and started construction on its latest residential development through the appointment of Swell Constructions.
This is no ordinary project, however, as Panos Miltiadou, Managing Director of Lucent Group outlines the passion and ethics behind it.
“The Lucent principles are based on building fossil-free and energy efficient places to live,” said Mr Miltiadou to WILLIAMS MEDIA.
“Slate House is one of the most sustainable residential developments in Victoria.
“It’s minimum NatHERS average rating is 8.2 out of a maximum of 10.
“The highest in Brighton at the moment is around the 6 mark.”
Mr Miltiadou said apartments are quite expensive to run.
“With Slate House we are targeting the down-sizer and we wanted to bring sustainability into the project and running costs down,” said Mr Miltiadou.
“Our view is the buyer is going to have a beautiful space, quiet and comfortable but without contributing to greenhouse gases.
“We have proved a point that high end living can be achieved in a sustainable way.”
Slate House is unique in many other ways as well, using materials not common in the Brighton area.
Designed with a pitched roof, Spanish slate and terracotta cladding, Mr Miltiadou said Lucent knew it was a risk but they did it willingly.
“We worked with the architects, Austin Maynard, to achieve a building that doesn’t overshadow the heritage buildings but making it homely and complimenting the surroundings.
“Buyers will appreciate the external and internal luxury.”
Heath Thompson of Projects by Buxton Real Estate, said Lucent had started construction, as pandemic restrictions have eased.
“Lucent have decided back themselves and their project during the pandemic and proceed to construction prior to achieving pre-sales to give their buyers the confidence that their new home will be constructed inline with the expected program and not be delayed by market forces,” said Mr Thompson.
“Lucent have a commitment to sustainable design and development and are providing Brighton with it’s first fossil fuel free building and an incredibly individual architectural design via Austin Maynard Architects, that truly sets Slate House apart from the other projects in Brighton that follow a common aesthetic.”
Director of Projects by Buxton Real Estate, Heath Thompson has been working with a Specialist Fund to secure apartments in specific developments redesigned and fitted out for NDIS clients living with disabilities.
Heath Thompson has spent decades working in the family property business, gaining a high degree of experience across all aspects of acquiring, developing and marketing property.
Today, Mr Thompson brings his vast range of knowledge and experience to help secure and develop bespoke apartments for those living with a range disabilities.
The Fund has to date purchased 57 apartments to be developed, 40 to 50 apartments still needed to fulfil the demand.
“At this stage, my client is going through an assertive acquisition phase,” said Mr Thompson.
“The requirements are quite specific, so there is a lot of research and due diligence that goes with this project.
“But it’s incredibly motivating and rewarding. The ultimate aim of this project could not be more worthwhile. It is to help those living with a disability to live as full a life as possible and to get back into the wider community.
“This is especially important for younger people whose only option to date, may have been to live in a nursing home, which of course is far from ideal,” said Mr Thompson.
At a Glance
Projects by Buxton Real Estate is currently sourcing projects where apartments are either in the early phases of construction or about to start works.
“Any apartments purchased for this project would need to be drawn up by our client’s specialised architect to make the properties suitable for those with for Specialist Disability Accommodation,” said Mr Thompson.
“Some of the special requirements for these apartments include designing bespoke kitchens, creating a compliant path of travel through the space and allowing for wider doorways.
“The aim of this project is to enable any potential residents to fully integrate into their community and to live with as much independence as possible. If Projects by Buxton can contribute to this goal, we feel very motivated by that.”
