Overseas buyers bought up big in Wyndham in June ahead of property tax increases coming into effect in the 2015-16 financial year.
That’s the word from property development company Cedar Woods, which reported especially strong sales and price growth at its Elmstead estate in Williams Landing.
Cedar Woods Victorian state manager Nathan Blackburne said two land releases were conducted by the company in June due to the demand for land at Williams Landing.
The first, on June 10, resulted in 20 of the 22 land lots being snapped up within hours. The second release, on June 17, sold 18 of 21 lots within a week.
Mr Blackburne said overseas buyers who were concerned about pending tax increases in the new financial year accounted for most of the demand.
Since July 1, the state government has imposed a 3 per cent stamp duty on foreign buyers, while those who leave their property vacant will also be hit with a form of holding land tax.
To add to the pain, overseas buyers will also incur a $5000 fee for any properties they buy for under $1 million from December 1.
“These sales show a very strong demand for land in the area, which has consistently been the case since Williams Landing’s inception in 2008, presenting an excellent investment opportunity for purchasers,” Mr Blackburne said.
Meanwhile, property developer Dacland – which is behind the Wynbrook development in Wyndham Vale, King’s Leigh in Werribee and Rothwell in Tarneit – is proving popular with first-home buyers.
Dacland managing director John Dwyer said several stages on the Wynbrook development had been released early due to high demand.
That news comes only a week after data released by the Real Estate Institute of Victoria revealed a 4.9 per cent median house price rise for Hoppers Crossing properties in the June quarter. Other REIV data revealed there had been price increases in Wyndham Vale, Tarneit and Point Cook.
