FOLLOWING the devastating impact of the February 2020 bushfires and the COVID-19 pandemic, the Victorian Government has announced a reduction of stamp duty for purchases of property in Mt Buller Alpine Resort and the Mansfield Shire.

The stamp duty payable is reduced by 50 per cent for properties where the contract of sale was entered into from January 1, 2021.

For example, a property purchased for $1 million will see the amount of stamp duty payable reduced from $55,000 to $27,500.

Now is the best time to purchase before the reductions come to an end.

To be eligible for these savings, the property must be a qualifying use under codes 210-299 and 310-499 of the Australian Valuation Property Classification Code (AVPCC).

This includes commercial properties, carparks and residential properties that are available for holiday rentals.

In addition, there are currently concessions available for purchases of residential properties in all of regional Victoria.

Alpine properties will often have compulsory management and letting agreements, some are for your own personal use, and some will provide for a combination of both.

The stamp duty reduction will only apply to residential properties that accommodate for holiday rentals.

Purchasing property at Mt Buller has many rewarding benefits.

Not only is an alpine apartment a wonderful lifestyle choice, investments of alpine apartments can also provide great rental returns during and outside of the snow season.

It is most important to note the location of the property in terms of proximity to lifts, conveniences, car parking and accessibility to the property when under snow, etc.

Onsite parking will increase the value of a property.

Check whether ownership and use of a car space is linked to the property and relevant resort vehicle entry permit requirements.

If purchasing a property in Mt Buller or Mansfield Shire is something you are interested in, our team is your first choice for assistance.