Adelaide City Council welcomes today’s announcement by the State Government to abolish stamp duty for Off-The-Plan apartment sales of up to $500,000 in the Adelaide City Council area for two years.
Lord Mayor Stephen Yarwood said it was a sign of the State Government’s willingness to work with the Council to boost city living.
“This proposal is excellent, it will not only help homeowners but will also make it more appealing for property developers to invest in the CBD, putting city apartments on an even playing field with house-and-land packages in the outer-suburbs,” Stephen said.
“Council is committed to working with the State Government to encourage residential growth in the CBD and achieve inner-city population targets.
“I really encourage people to come and live in the city – everything is at your finger-tips and the lifestyle truly is second to none. With low interest rates and now this stamp duty concession, there has never been a better time to make the city your home.”
The concession will apply for the whole of the Adelaide City Council area, including North Adelaide.
The 2012-13 Budget measure will also give a partial stamp duty concession of up to $15,500 for a further two years, during which stamp duty will apply to the notional land value of the apartment rather than the full market value of the apartment.
Today’s announcement follows a commitment from the Government to extend the First Home Bonus Grant, which will also work to drive new demand for inner-city living.
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