Stamp Duty Relief for Geelong’s Over 45s
Stamp duty exemptions are no longer exclusive to Victorian pensioners and concessioners, with Ingenia Lifestyle Lara offering brand new homes to over 45s from just $155,000, without the added burden of stamp duty fees.
Ingenia Lifestyle Lara has been extremely popular with locals, with the first two stages sold out and the current third stage sitting at an 80 percent sold status.
Ingenia Lifestyle Lara Project Sales Manager Kerri Hughes said the incredibly low entry price, well below Lara’s current median house price of $381,000, made the homes popular with empty nesters looking to downsize.
“Victoria is the most expensive state in Australia for stamp duty fees, with downsizers under the age of 65 faced with fees of more than $16,000 on a median priced home in Lara,” Ms Hughes said.
“Many of our residents would have loved to downsize years ago, but were put off by the prospect of having to find a significant amount of money on top of the price of a new home.
“At Ingenia Lifestyle Lara not only can buyers avoid costly stamp duty fees, they can buy affordable new homes and also benefit from the range of communal facilities we offer, including our new $3.1 million clubhouse, tennis court, fitness centre and indoor heated swimming pool and spa.”
Ingenia Communities Chief Operating Officer Nikki Fisher said the community’s sales results were a clear reflection on the impact rising house prices and stamp duty costs were having on Victoria’s senior population.
“The Ingenia Lifestyle model is unique in that buyers purchase a new, architecturally-designed manufactured home and lease, rather than own, the land which eliminates the need to pay stamp duty,” Ms Fisher said.
“For seniors looking to capitalise on recent house price increases, the ability to downsize without having to pay stamp duty costs is a welcome relief.”
“It is well-documented that this is a particular issue affecting asset-rich, cash-poor seniors, who are subsequently staying in a large family home to avoid paying tens of thousands of dollars in stamp duty in order to downsize.”
Brand new homes at Ingenia Lifestyle Lara are available from just $155,000 (with exit fee), or alternatively, from $165,000 (with no exit fee), less than half of Lara’s current median house price of $381,000 and well below Geelong’s current median house price of $613,000.
The Actuaries Institute has released a green paper Unlocking Housing Wealth which made a number of policy-based recommendations to help Australians improve their retirement standards, including stamp duty relief for retirees, to address the financial disincentive of this tax and encourage more to downsize.