Buying in Canberra

Discussion in 'Property Market Economics' started by hozi, 26th Oct, 2016.

Join Australia's most dynamic and respected property investment community
Tags:
  1. hozi

    hozi Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    51
    Location:
    Sydney
    Just found out you don't actually buy outright but it is for 99 years

    Does this apply to houses and units.
    What happens after 99 years

    Please advice

    TIA
     
    hozi, 26th Oct, 2016
    #1
  2. hozi

    hozi Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    51
    Location:
    Sydney
    found this
    Can people own land in the ACT?
     
    hozi, 26th Oct, 2016
    #2
  3. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,189
    Location:
    Adelaide and Gold Coast
    Its simply renewed
     
    D.T., 26th Oct, 2016
    #3
  4. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    2,358
    Location:
    Sydney
    You do get to claim stamp duty in the first year.
     
    jins13, 26th Oct, 2016
    #4
    blackrocky likes this.
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,979
    Location:
    Canberra, Brisbane and Sunshine Coast
    It's applied to everything.

    Apparently it renews after 99 years. Wouldn't be a popular move of the ACT Govt to start displacing home owners who's leases reach 99 years.

    Lenders don't have an issue with it either (which provides some level of certainty).

    @jins13 is right - stamps claimed in year 1 :) We do have land tax though :-(

    Cheers

    Jamie
     
    Jamie Moore, 26th Oct, 2016
    #5
    blackrocky, jins13 and mcarthur like this.
  6. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    2,358
    Location:
    Sydney
    Learned that from you @Jamie Moore. Shows that l listen lol.

    To play the devil's advocate, do people here think they will live byond 100 years of age to care about the 99 years law?
     
    jins13, 26th Oct, 2016
    #6
  7. Nemo30

    Nemo30 Well-Known Member

    Joined:
    31st Dec, 2015
    Posts:
    596
    Location:
    Somewhere
    My understanding is that the 99 years doesnt reset with each owner. The first leases are due to expire in 2023. Its expected that the govt will renew, however its not a given.
     
    Nemo30, 26th Oct, 2016
    #7
  8. hozi

    hozi Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    51
    Location:
    Sydney
    Not living beyond 99 but financial situation could change and laws can also change. Thinking about impact if inherited by children
     
    hozi, 26th Oct, 2016
    #8
  9. Cimbom

    Cimbom Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,568
    Location:
    Back in Canberra!
    I seriously doubt the government will start confiscating people's houses after the leases are up. If it ever gets to that, we'll have much bigger problems than worrying about inheritances!
     
    Cimbom, 26th Oct, 2016
    #9
  10. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    2,358
    Location:
    Sydney
    Don't forget many of the politicans own very nice homes in Canberra. If you see heaps for sale, closer to the date, abandon ship!
     
    jins13, 26th Oct, 2016
    #10
  11. marty998

    marty998 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    627
    Location:
    Sydney
    I thought they can take back the land but not the building?

    Does that mean no more land tax after 99 years? :D
     
    marty998, 26th Oct, 2016
    #11
  12. Lacrim

    Lacrim Well-Known Member

    Joined:
    25th Jul, 2015
    Posts:
    6,192
    Location:
    Australia
    Shock horror but we are contemplating a move to a city I've always ridiculed (Canberra) for a few years.

    Minimum 5 years, maximum, who knows?

    If we moved, it will most likely be in the Inner South.

    Any advice as to whether we should rent or buy.

    Anyone moved from Sydney or Melbourne and regretted it, or thought it was the best decision eva!!?
     
    Lacrim, 28th Oct, 2018
    #12
  13. Coffee

    Coffee Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    175
    Location:
    Canberra
    Coffee, 28th Oct, 2018
    #13
  14. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,979
    Location:
    Canberra, Brisbane and Sunshine Coast
    I'd rent for a while. Give yourself time to suss out the town - get a feel for the different areas, etc before committing to a purchase.

    Cheers

    Jamie
     
    Jamie Moore, 28th Oct, 2018
    #14
    Lacrim likes this.
Financial Advice – Do you need help