South Australia’s Commercial Property Sales set for recovery as the abolishment of Stamp Duty arrives! | Chase Finance

South Australia’s Commercial Property Sales set for recovery as the abolishment of Stamp Duty arrives!

The state government’s comprehensive legislation on stamp duty reform aims to make the state’s commercial property market more competitive.

The first cut came into effect on January 1 last year, with stamp duty set to be completely abolished for commercial property on July 1 2018.

The first cut came into effect on January 1 2016, with stamp duty completely abolished for commercial property from July 1 2018.

From July 1 2018, stamp duty will be imposed only on the transactions involving residential and primary-production land.

The three-year transition meant prospective purchasers, faced with a sizeable extra cost for buying property, have been patiently waiting for the lower transaction costs to come into effect.

In February 2018 Colliers director of investments services Oliver Totani said “We are seeing increased inquiry in the Adelaide market from a range of investors but many are holding off on committing until post June 30. We have been holding several assets back from the market so we can ensure buyers have no risk in receiving the cost savings. And don’t forget, he added, Adelaide commercial property offers exceptional value for investors when compared to Sydney and Melbourne”.

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