Post-election, the 2019-2020 budgets have now been released. Each state is set to receive funding for major works spanning from infrastructure to education. As a result, the knock-on effect of these spends will not only bolster communities around Australia but they will also benefit home buyers.
New South Wales
What’s one of the main things on many people’s checklists when it comes to owning a home? Proximity to schools. And NSW is launching the biggest school building program since Federation, with plans to deliver 190 school projects all over the state. This ranges from brand-new schools in outer suburbs and regional areas like the Queanbeyan region and Marsden Park (near Rouse Hill) to upgrades to existing schools and investment in supporting student mental health.
Solar systems — why they increase the value of a home
As we grow ever more aware of the impact we have on the environment, a large majority of Australians are making the switch to alternative energy supplies. And solar power is one of the best. Installing a system in your home will only increase its value, as well as save you money.
The Victorian Budget 2019/20 plans to deliver on the Victorian Government’s Solar Homes. The $1.3 billion program includes rebates for the cost of solar panels, solar hot water systems or battery storage for both homeowners and renters, which is great news for those looking to save on electricity while helping the environment.
Australian Capital Territory
No stamp duty
Stamp duty is a form of tax and, traditionally, it’s part and parcel of buying a property. But from July 1, 2019, Canberran first home buyers will pay no stamp duty — whether buying an established property or a brand-new house. This could save first-time buyers tens of thousands of dollars depending on the value of the home and the amount of the home loan.
In addition, the government also plans to release more land — improving affordability and broadening the range of homes on offer. The 2019-20 Indicative Land Release Program will see another 15,600 sites for homes released land to the market over the next four years, including 488 affordable housing blocks and 140 sites for social and community housing.
Connectivity is another major factor buyers take into consideration when looking for a new home. Queensland, while beautiful, has fewer connections and less public transport than other states like New South Wales and Victoria. But as more and more people make the move to the northern coast, the government has decided to invest $5.625 billion in transport infrastructure to support the swelling population.
This includes continuing work on the construction of Cross River Rail, major upgrades to the M1 Pacific Motorway and the Bruce Highway, as well as ongoing work on the Smithfield Bypass.
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