Why New Stamp Duty Program Makes Melbourne CBD Affordable
With world-class restaurants, expansive gardens and the charm of Melbourne on your doorstep, more and more people are choosing to settle in the CBD.
The article is brought to you by the City of Melbourne
In early 2019, Jazz Bell and its partner were planning an international gap year. They had sold all of their belongings, moved from their home in Northcote and had been abroad for only six weeks when Covid got in their way.
âWe left our belongings in Bali to come home for a wedding and got stuck here,â Ms. Bell said. âWe spent the whole of last year with a friend in Armadale with whom we were only supposed to stay 10 days.â
Naturally, once it became clear that they wouldn’t be leaving the city anytime soon, Ms Bell and her partner decided to find their own space, moving into an apartment in Melbourne CBD.
âWe have lived in the south, we have lived in the north and we love both,â she said. âWe couldn’t decide where we wanted to be, so I said, ‘Let’s just live in the middle.’
As a freelance designer who travels extensively for work and play, Ms. Bell enjoys the convenience and flexibility that city life offers. âI’m a model, but I also work in TV production,â she said. âI live a really spontaneous lifestyle. It’s convenient to be in the center of anywhere I might need to be.
Although her movements were restricted while the Melbourne 5km travel bubble was in place, she found that she never felt too restricted thanks to her proximity to the cafes, huge parks and gardens of Melbourne and even the beach.
âIt covered all of our favorite places,â she says. âI could still get to St. Kilda. We have all the parks. We even walked to Beatrix (pastry shop) in North Melbourne.
Locally, some of Bell’s favorite spots include Bakemono, a Japanese-inspired bakery tucked down an alleyway on Little Lonsdale Street, and Dessous, a Flinders Lane wine bar that she and her partner frequent for midweek meals. .
âOne of my favorite things about city life is mid-week meals,â says Bell. âIf I have a busy day at work, instead of worrying about dinner on Tuesday, I just go out. “
With the abundance of top-notch restaurants on her doorstep, she is spoiled for choice. âEven after being here for a year, we always find new places, new things appearing, new bars,â she says. âWe’re thrilled now that things are opening up to finally try them out. “
When not working or dining, Bell enjoys spending time listening to live music and attending shows.
âI’ve always loved the orchestra,â she says. âI listen to classical music at home or when I run.
As soon as the concerts resume, she looks forward to visiting the Melbourne Recital Center as well as the Regent Theater, both located a few blocks from her home. As an avid football fan and a member of the Melbourne Footy Club, she also sees accessibility to the MCG as one of the greatest benefits of her region.
âWe can literally walk everywhere,â she says.
This extends to all the amenities she may need to access. âI have the supermarket under my house,â she says. âThe post office is literally at the end of my street. If I work from home and miss a delivery, it’s easy to avoid. It may take me 10 minutes or less to get there and back.
But convenience isn’t the only thing Jazz appreciates about their new home. With its spacious layout, floor-to-ceiling windows, and stunning city views, her two-bedroom apartment is just as charming as anything you might find in its neighboring suburbs. Although she is currently a tenant, she is aiming for permanent residence in the region.
With Victoria’s zero dollar stamp duty deal, the timing has never been better. Under the plan, anyone purchasing residences in the Municipality of the City of Melbourne will get an exemption from this tax if the property is less than $ 1 million and has been on the market for 12 months or more.
For purchases of new residential properties in this area, or those that have not been on the market for a long time, the stamp duty will be reduced by 50%. This can represent tens of thousands of dollars in savings.
Between the affordability and accessibility of downtown living, it’s clear to understand why so many young couples like Jazz and his partner are making the trip.
âWe would love to buy in town,â says Jazz. âWe have tried and tested it now and it fits our lifestyle perfectly. Why wouldn’t we choose to live here? “
The city of Melbourne is now offering huge savings on stamp duty for apartments under $ 1 million. Learn more at melbourne.vic.gov.au