Adelaide Council applauds stamp duty abolishment

.Adelaide City Council has welcomed the South Australian Government’s decision to abolish stamp duty for Off-The-Plan apartment sales of up to $500000 in the Adelaide City Council area for two years.

Lord Mayor Stephen Yarwood said it was a sign of the 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,” Cr Yarwood said.

“The move is on the back of recent Development Plan Amendments, announced in March, which are set to boost city development and investment.”

SA government's 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 $15500 for a further two years.

During this time, the stamp duty will apply to the notional land value of the apartment rather than the full market value of the apartment.

This 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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