The 2017 – 18 State Budget has just been released and here’s how it will affect the property market.
State Budget SA 2017 Headlines
- Stamp Duty exemptions for apartments continued across the State for one more year.
- A further $10,000 incentive for off-the-plan apartments on all contracts signed before 30th September 2017 if the development has not started construction.
- A land tax exemption for investors in apartments for five years has been introduced.
- The Government has introduced a “conveyance duty” of 4% on purchases of residential property by foreign buyers and temporary residents from 1 January 2018. This is in line with other states.
Up to $40,500 in grants now available to First Home Buyers until 30th September 2017 only.
Key infrastructure announcements are:
- A commitment to the electrification of the Gawler rail (dependant on a Commonwealth contribution);
- Duplication of Main South Road from Seaford to Aldinga – with a second stage planned through to Sellicks Beach.
- Upgrade of South Road from Regency Road to Pym Street.
- Increased train services on the Gawler, Outer Harbor, Belair and Seaford lines.
- Construction of two new multi-level Park ’n’ Ride facilities at Klemzig and Tea Tree Plaza.
- Upgrade of Mount Gambier Airport to allow larger planes to land.
Apartment Buyers
The statewide stamp duty concession of up to $15 500 on off-the-plan apartment purchases to 30 June 2018 and the introduction of a $10 000 pre-construction grant for off-the-plan apartment sales contracts entered into by 30 September 2017 as long as construction has not yet started on the apartment complex. In addition, the First Home Owner Grant of $15 000 remains on offer for the purchase of a new homes. Combined, a first homebuyer of an off-the-plan apartment where construction is yet to start could benefit by as much as $40 500. Other eligible buyers of off-the-plan apartments can benefit by up to $25 500.
The Government has introduced a “conveyance duty” of 4% on purchases of residential property
by foreign buyers and temporary residents from 1 January 2018.
Hospitals
- $528 million to build a new Adelaide Women’s Hospital adjacent to the new RAH. The project will receive $30.3 million over the forward estimates and will be complete in 2024.
- $250.6 million to construct a new clinical building at the Queen Elizabeth Hospital, with $198 million allocated over the forward estimates.
- $52.5 million over four years to expand the Lyell McEwin Hospital emergency department.
- $24 million over two years to improve facilities at the existing Women’s and Children’s Hospital.
- $9.2 million over three years for an emergency extended care unit adjacent to Modbury Hospital’s emergency department.
- $3.5 million in 2017–18 for two additional operating theatres at Flinders Medical Centre.
- $6.7 million to extend emergency care at Mount Barker Hospital to 24 hours a day.
Building on the bio-medical precinct on North Terrace, the state will contribute $44 million for a second SA Health and Medical Research Institute building which will house a national proton therapy and research unit. The unit will underpin the next generation of cancer treatments, including complex cancer in children.
Additional resources of$195 million over three years have also been provided to ensure South Australians receive world-class health services.
Schools
We are building better schools and creating a more dynamic education program which will benefit South Australians for generations to come. This budget initiates two major projects - the establishment of two new schools for up to 1500 students each. The schools, with co-located 55 place children’s centres, will cater for birth to Year 12.
- A northern school will be built in the Munno Para region and southern school will be built in the Aldinga/Sellicks Beach region.
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