New stamp duty concessions for ACT to benefit off the plan property buyers
The new financial year has brought changes to the Australian Capital Territory's off the plan stamp duty concessions.
Now any buyer of an apartment or townhouse valued at or below $700,000 doesn't have to pay stamp duty. That's a rise from the previous $600,000 cap.
It's a significant jump which sees 90 per cent of the stock being developed by Geocon, one of the territory's most renowned developers, now qualifying for the full exemption.
Two of Geocon Group's prominent projects, WOVA in Phillip and Black Diamond in Fyshwick, are currently on the market. WOVA, situated within the vibrant redevelopment of the old Woden Town Centre, has already achieved strong sales success, with over 90 percent of its units sold.
The completion of this project is scheduled for early 2024, making it an appealing choice for homebuyers seeking a modern and well-located residence.
WOVA offers a limited number of one, two, and three-bedroom apartments. Prices start from an affordable $436,900 for a one-bedroom apartment and $610,900 for a two-bedroom unit.
The development, designed by the award-winning architecture firm Fender Katsalidis in collaboration with Oculus Urban Design, features four distinctive residential towers.
The ground floor of the building will house retail tenancies, including eateries, cafes, boutique retail outlets, and convenience stores. For residents' recreational needs, there will be a lap pool, fitness studio, gym, and even a private cinema for entertainment purposes.
Black Diamond, is the final release of Aspen Village, a joint venture between Geocon and Empire Global.
Inspired by the picturesque ski villages of Aspen, Black Diamond and Aspen Village aim to provide a luxurious and amenity-rich living experience.
The crown jewel of Aspen Village is The Summit, a 2,200 sqm rooftop entertaining space that boasts an indoor-outdoor bar, a heated infinity-edge pool, bookable private lounge areas, barbecue and dining facilities, fire pits, and a lawn area.
The Alpine Bathhouse, covering 100 sqm, offers resort-style amenities, including three private indoor/outdoor spa rooms and a 12-person sauna with a stunning view overlooking Lake Tuggeranong.
Prospective buyers looking to secure a unit in Black Diamond will have to act quickly, as there is only a limited supply of one and two-bedroom apartments remaining. Prices start at an attractive $409,000 for a one-bedroom residence and range from $414,000 to $484,000 for a two-bedroom unit.