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Property hit by $2.7b tax austerity plan in Victoria


Property hit by $2.7b tax austerity plan in Victoria
May 16, 2021 – 11.00pm
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The property sector is locked in last-minute crisis talks with key Victorian cross-benchers in an effort to block or revise a $2.7 billion property tax slug to be unveiled in Thursday’s state budget.
Economists have blasted the Andrews government for doubling down on stamp duty, the country’s worst tax, even after the NSW and Victorian treasurers agreed last year to look at ways to scrap the levy to help tackle the housing affordability crisis.
Homebuyers Jess and Andrew Johnson will be impacted by the stamp duty rise in the Victorian Budget.  ....

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Overnight millionaires cash in on booming market


 
The house wasn’t much to look at on the inside or the outside.
Sellers in blue-chip Boroondara and Bayside make the highest median profits of $709,750 and $705,000 respectively, according to property data firm CoreLogic.
Those in Manningham, Nillumbik and Whitehorse also pocketed more than half a million dollars on typical sales.
In Manningham, a downsizer who sold her old four-bedroom Templestowe home at 410 Porter Street this month walked away with almost $1m in profit, after five bidders pushed the home $180,000 above reserve to $1.405m.
The vendor of 410 Porter Street, Templestowe, made almost $1m in profit on their original purchase price when it sold under the hammer for $1.405m. ....

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