If legislated, the Stamp Duty (SD) scale above, supplied by the Victorian State Revenue Office, will apply for First Home Buyers for purchasers from 1 July 2017.
For Property purchases up to $600,000, no duty will be payable, previously a 50% discount.
So while in June the FH Buyer buying at $600,000 will pay $15,535, in July the FHB can buy at $660,00 and pay about the same level of Stamp Duty.
My view: Many FH Buyers do not buy above $600K because they lose their SD Concession. As they will soon able to buy at $650K, $660K, $670K, and pay a concessional duty around $15K-$16K, if they have the budget, they will spend more. Prices in the $600K-$700K bracket will rise.