The 2017 – 18 State Budget has just been released and here’s how it will affect the property market.
Up to $40,500 in grants now available to First Home Buyers until 30th September 2017 only.
Key infrastructure announcements are:
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
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.
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