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New rules introduced for overseas property buyers

By Matt Hurlston

A number of new policies have been announced in the Victorian State Budget, many of which will impact existing or potential owners of Bentleigh real estate. Not only will significant investment be made in Melbourne and its suburbs, but changes are being introduced to open up the market to domestic buyers.

Changes for overseas Bentleigh real estate investors

The state government announced that changes to land tax and stamp duty would affect anyone from overseas who decides to invest in Victorian property. This is a move that’s been welcomed by the Real Estate Institute of Victoria (REIV).

REIV CEO Enzo Raimondo said: “Melbourne is the most liveable city in the world and it’s important that these buyers contribute to ongoing infrastructure development and amenities.”

Increasing the duties these buyers face will improve the number of homes available and ensure there are sufficient numbers of properties for local people. Mr Raimondo warned that Melbourne’s population is increasing at a much faster rate than many other parts of the country, suggesting these measures could not have been introduced soon enough.

The Australian Bureau of Statistics has confirmed this theory, revealing that the Victorian capital is the most popular destination among people moving from other states. It’s the fastest growing region with an expansion rate of 1.7 per cent, which compares to the national average of 1.3 per cent.

Victoria gained 11,200 people as a result of interstate migration in the year to September 2015.

Enlist the help of Ray White Carnegie

Finding the ideal property can seem difficult, which is why we recommend taking on the expertise of a real estate agent. Matt Hurlston and the team at Ray White Carnegie are ready and waiting to take your call to help get your search off on the right foot.

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