The new vacant property tax

Pretty vacant: 20,000 properties empty across inner Melbourne

What will be the effect of this new tax imposed on the estimated 20,000 vacant properties in Melbourne?

What would be the consequence of 20,000 new properties hitting the rental market?

And if these properties are mostly apartments, what effect will that have on an already softening apartment market?

 

If you can afford to leave the place empty for more than 6 months, you can afford the tax.

 

I don't think it will have much effect at all

 

Good opportunity for Airtaskers to raise their hands & get quick recurring jobs to let water run, use electricity and gas to mimick an unoccupied household. If the tax is less than paying these gig economy workers, they'll be a market for it.

Oh and smart home gagdets that do some of these things already.

 

Cannot wait for this ****wit Daniel Andrews to be voted out.

 

Sweet FA. It would equal the accommodation needs of about 2 months migration. There would be plenty of ways around it. pretend rent to friends or relatives, put it on BNB, rent it out for 1night every 6 months. It is another stupid, stupid idea from Comrade Andrews. As usual governments meddling in this type of thing has unintended consequences. Like his idiotic idea to ban freight trains from running on hot days creating massive problems, expense, road congestion and damage to roads and Vic reputation. Costing Exporters and shipping companies dearly who couldn't meet contract obligation.

 

I assume this will relate only to residential as commercial can be vacant for years

 

weakens private property rights and raises tax on the rich - sweet socialism

 

Tax the poor instead!

 

Resi investors must work on very slim margins if they can't weather/survive several years of vacancy. No wonder banks want/they can afford to pay 30-40% down.

 

I discovered this vacant property tax was implemented last year in Canada first. They also have the same issue with investors leaving properties vacant. I couldn't find any information as whether it's had a positive effect or not.