ACT Excerpt from the 2020 July Market report

13 Jul 2020

The ACT government will be applying a $150 rebate to the fixed charge component of all residential rate bills for the financial year 2020-2021. Furthermore, it will freeze the fire and emergency services levy at the current levels.

Under the ACT's economic recovery plan, government fees and charges will also be maintained in the upcoming financial year. These rates include fees for land titles, planning and development, birth, death, and marriage registrations, emergencies, public health, security industry, and vehicle registration.

ACT Chief Minister Andrew Barr said the decision to hold any increase in residential rates will help reduce pressure on households

"Many families and businesses are experiencing financial stress due to losing their jobs and personal or business income reductions. We know that every little bit counts, and this is one of the many ways the government can help address the cost of doing business, and the cost of living, during this pandemic," he said.

Stamp duty stimulus package

The government of the Australian Capital Territory has also announced stamp duty reductions for owner occupiers as part of its recovery plan to support local jobs.

Buyers of new land single residential blocks will have their stamp duty waived. Those who plan to buy off-the-plan apartments and townhouses with values no more than $500,000 will also not be charged with stamp duty.

The stamp duty for off-the-plan apartments with price tags of more than $500,000 to $750,000 will be reduced to $11,400.

Homebuyers can apply for the waiver until June 30 next year.

At the same time, the ACT government will be extending the Pensioner Duty Concession Scheme for another year.

Under the concession scheme, pensioners purchasing a property valued below the median property value will be given full or partial stamp duty cuts.

ACT Chief Minister Andrew Barr said these initiatives are expected to help homebuyers save thousands of dollars whether they are entering the housing market for the first time, or looking to move.

State Area Property Type Median Price Quarterly Growth 12 month Growth Weekly Median Advertised Rent Gross Rental Yield
ACT Metro Houses $710,000 1.1% 3.8% $580 4.4%
ACT Metro Units $442,025 1.1% 2.9% $480 5.7%
Source: CoreLogic, July 2020

Top Suburbs : the basin , tweed heads south , willliamstown , mayfield , emerald


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