Foreign buyers in Victoria to have even higher stamp duty
Jonathan ChancellorDecember 7, 2020
Foreign buyers will have to pay more stamp duty on Victorian residential real estate.
The Victorian government could raise an extra $500 million over four years.
Treasurer Tim Pallas said next week’s budget will increase the stamp duty surcharge for foreign buyers from three to seven per cent.
The land tax surcharge for absentee owners will rise from 0.5 to 1.5 percent.
“Victorians would say we deserve a contribution back into the state services from foreign purchases,” Mr Pallas told radio station 3AW.
The Labor government first introduced the surcharges for overseas property owners in last year’s budget.
Statistics show foreign demand for new properties in Victoria leapt from about 5 percent in 2011 to more than 30 percent in 2014.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.