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New incentives have been announced in a bid to encourage investors to build rental properties in Victoria.
State Treasurer Tim Pallas has revealed an expansion of its build-to-rent scheme that will enable eligible build‑to‑rent developments completed and operational between 1 January 2021 and 31 December 2031 to benefit from both the 50 per cent land tax discount and full exemption from the Absentee Owner Surcharge (AOS) for up to 30 years from 1 January 2022.
While the scheme was originally scheduled to conclude in 2040, the new support boost is aimed at providing certainty for “a full 30-year concession” to any projects that are kicked off before 2032.
Having identified the build-to-rent sector as “a new approach to residential housing”, the Victorian government has expressed an intention to support private players in the space.
“The sector presents an opportunity to increase rental supply, improve the diversity of housing choice and mix, and provide more long‑term rental options,” the Treasurer flagged.
It’s expected that the scheme’s expansion will give confidence to shovel-ready projects and see new work commencing as soon as possible.
According to Minister Pallas, “this will not only ensure Victorians have access to more rental homes and a greater range of housing options – it will create thousands of jobs as we rebuild from the coronavirus pandemic”.
The build-to-rent boost follows the launch of a $500 million home buyer fund last week – which will see eligible Victorians able to purchase a home with a deposit of as little as 3.5 per cent.
Real estate is a type of real property that refers to any land and its permanent improvement or structures that come with it, whether natural or man-made.