Change could be on the way In good news this month, stamp duty reform is on the agenda in Victoria, as part of a push for a broader review on property taxation policy. The Real Estate Institute of Victoria (REIV), Australian Property Institute and the Housing Industry Association (Victoria) are leading the push for change, on behalf of the wider industry. It follows a recent change in New South Wales where stamp duty will be optional for first homebuyers, who can choose to pay a property tax instead from January 2023.
There is no need to panic The property market is always topical, but over the past month, we have seen it dominate the media headlines, particularly as interest rates have risen again. At the RBA’s June meeting, the cash rate was lifted by 0.5%, so it now sits at 0.85%. The rise was bigger than expected and has been passed on by many banks, but the fact remains that interest rates are still very low. However, we have since seen many doomsayers come out, once again, and predict price falls of 20 per cent-plus as a result.
Victoria will take centre stage in 2026 In exciting news this month, it has been announced that Victoria will host the 2026 Commonwealth Games, in just four years’ time. The event will be a new model, with events held across multiple regions. The opening ceremony will be held at the Melbourne Cricket Ground, but four regional hubs will be established in Geelong, Bendigo, Ballarat and Gippsland, each with their own athletes' village and sport program. Shepparton is also expected to hold sporting and cultural events. Apart from providing a significant boost to the economy and jobs, the Commonwealth Games will also lead to improved community infrastructure in Victoria and world-class facilities that will be attractions after the Games is over.
A-grade properties are where it’s at IT’S no surprise that the heat has come out of the property market – it had to sooner or later. But while conditions are not quite as strong as what we saw last year, with some uncertainties around elections, interest rates and even global issues, there is still strong demand and buyer competition for A-grade properties, which is the only type of property we buy for our clients.
Melbourne will be Australia’s biggest city Melbourne is set to overtake Sydney as Australia’s biggest city by 2030 at just over 5.9 million people, with the Centre for Population Growth expecting Victoria’s capital to be the fastest growing in Australia from 2023-24 as overseas migration returns.