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8 things related to the Victoria housing market changes for 2024.

January 1, 2024 - Land Tax

Affecting investment, commercial, and vacation property holdings, starting in 2024, the threshold for application will be land valued above $50,000, as opposed to the minimum of $300,000 set in 2023.

This adjustment will result in owners incurring a fee of $500 for land valued between $50,000 and $100,000, and $975 for land valued between $100,000 and $300,000. Properties valued above $300,000 will be subject to a charge of $975, plus an additional 0.1 percent of the land value exceeding $300,000.

January 1, 2024 - Non-Resident Owner Fee

The existing surcharge will increase from 2 percent to 4 percent of a property's dutiable land value. This change solely affects offshore owners who are not residents of Australia.

January 1, 2024 - Gas Substitution

From January 1 onwards, new home approvals will no longer include gas connections unless they are within an estate that has already received planning approval. However, connections for gas bottles will remain permissible. Presently, electric appliances such as induction cooktops and heat pump water heaters are generally more costly compared to their gas equivalents.

May 1,2024 - National Building Regulations

Starting from May 1, homes approved for construction must adhere to a seven-star energy efficiency standard as outlined by the Nationwide House Energy Rating Scheme (NatHERS). Additionally, these homes must meet updated liveability criteria, including provisions for accessibility to individuals with different abilities in Victoria.

2024 - Assistance with Purchasing

A joint purchasing initiative designed to assist Australians without homeownership who earn $90,000 or less as individuals ($120,000 or less for households). Qualified purchasers with a 2 percent down payment co-purchase with the federal government, covering up to 30 percent of the home's value (40 percent for newly constructed properties) in exchange for an equivalent share in the property, with maximum limits set at $850,000 in metropolitan areas of Victoria and $550,000 elsewhere in the state.

Anticipated in 2024 - Extension of the Ban on Rental Bidding

The prohibition on soliciting rental offers exceeding the advertised price will be expanded to penalize agents and landlords who entertain unsolicited rental offers.

January 1, 2025 - Levy on Short-term Rental Accommodations

A 7.5 percent tax on earnings generated from residences listed for rental on short-term accommodation platforms. Further specifics will be provided as the tax nears its implementation date of January 1, 2025.

January 1, 2025 - Tax on Unoccupied Residential Property

A 1 percent increase in land taxation based on the enhanced value of a residence designated as vacant, applicable to inner and middle-ring suburbs of Melbourne. By 2025, this measure will extend to all residences across Victoria, unless the owner occupies the property for a minimum of four weeks annually or leases it out for at least six months.

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