Purchase Costs in Melbourne

Hi guys,

I'm in the process of looking for IP's in Melbourne and I'm trying to understand all the acquisition costs.

I know that in Brisbane these costs are roughly 5% of the property value. What would be the rough figure for Melbourne?

Thanks!

 

5% will get fairly close. To be conservative (stamp duty is a little higher here) assume 6% and you'll have some change.

 

Thanks Peter and Yman.

 

@Realist35 assume 5% for stamp duty, around $1100-$1200 for solicitor fees, $520 for a building/post report and $475 for a depreciation schedule.

 

I forgot to mention the additional 5%, "Out of town, Westie who thinks he's Borat", tax. It is possible to avoid by completing a Form 6423-48. This 247 page document to be completed in triplicate and must be presented in person by the applicant only, at the Vic State Revenue Office directly to "Sam".

 

All the calculations I’ve done stamp duty + fees comes to about 5.8% of purchase price. Go with 6% and you’ll be safe, 7% is too conservative I think. This is for properties around $1.2m. I think it goes up as price goes up, not sure at what point thought.

 

That's a great price for a depreciation schedule.
Obviously, quality/value will be subjective. Who provides Depreciation Schedules at this rate? Would be good to know for the future

 

Yes, we have an arrangement with a company that does a special rate for our clients. We like to support them so they support our clients in return. You won't get that rate off the street.