Property Buzz, your daily dose of property news.
ACT reveals gamechanger Stamp Duty Exemption; Alarm bells ring on shady removalists; and auctions surge on today’s ‘Super Saturday’
Welcome to Property Buzz! I’m Grace Orsmby.
Today is Saturday, the 28th of October.
Our biggest story for the day is the reveal of game-changing stamp duty exceptions in the ACT, with the government introducing a stamp duty exemption for dual occupancies on suburban residential blocks.
– The exemption will apply to the first transfer of unit-titled dwellings on suburban blocks for purchases up to $800,000 from November this year until June 2026.
– The changes aim to encourage density development and introduce greater diversity to housing options in Canberra’s suburban neighbourhoods.
In other news
– Consumer Affairs Victoria has issued a public warning against Melbourne-based removalist company, CBD Movers, for damaging customers’ belongings and blaming the customers for the damage.
-CBD Movers had 89 complaints lodged against it in Victoria over an 18 month period.
– The company has also been accused of failing to attend jobs on time, overcharging customers, and engaging with consumers in an unprofessional manner.
It’s ‘Super Saturday’ according to research firm CoreLogic.
Over 2,800 homes are set to be auctioned across the capital cities today.
– With over 3500 homes up for auction throughout the week, this is the first time since May 2022 that the number of auctions in a week has exceeded three thousand. .
– Auction volumes are up more than 80 per cent compared to the same week last year, with Melbourne hosting the most auction activity: Over 1,700 homes.
– Smaller capitals are also seeing an increase in auction activity, with Brisbane expecting a 43.5% boost, and Canberra’s auction volumes more than doubling compared to the previous week.
That’s all for today.
See you again tomorrow, 29 October, for your daily dose of Property Buzz.