23 June, 2017

City living just got cheaper

People looking to buy and live in new city apartments may be eligible for tens of thousands of dollars in assistance and concessions thanks to a stimulus package developed by the City of Adelaide and the State Government.

Lord Mayor Martin Haese has welcomed this week’s State Government budget commitment to offer:

• A $10,000 pre-construction grant for contracts signed over the next three months for off-the-plan apartments in buildings yet to be built
• A stamp duty concession of up to $15,500 which has been extended until mid-2018, and
• A new measure to exempt investors from land tax for five years if they buy eligible off-the-plan apartments.

The Lord Mayor said these incentives would complement Council’s approach that was announced in May to offer a five-year rate-free period for both owner-occupiers who purchase ‘off the plan’ dwellings, and for owner-occupiers of residential dwellings which have been transformed from C and D Grade office buildings.

“I was very pleased to see that the State Government responded to Council’s request for complementary measures quickly and positively.

“These announcements demonstrate how serious Council and the State Government are about stimulating residential population growth and improving housing affordability in the City of Adelaide.”

The Lord Mayor said the initiative is part of a comprehensive strategy that supported Council’s aim of achieving a residential growth target of 50,000 residents by 2040.

“For potential apartment buyers, for property developers and the construction industry, this all adds up to a great opportunity.

“There are some great apartments on the market and we are keen to drive demand to see as many of them built as possible.”

“We know that city living offers great lifestyle, social, economic and environmental benefits, and we hope that these measures will encourage more people to move inside the Park Lands and take advantage of all that the city has to offer,” he concluded.

The State Government’s pre-construction loan will be available from 1 July to 30 September 2017. Their land tax exemption will be available from 1 July 2017. Details on how to apply for Council’s rate exemption will be released shortly.

Simon Latimer