Changes to Stamp Duty see 7 transactions totalling $150m in 2 days.

  • Category Land
  • Date 14.07.2021

Core Projects’ Land Team would like to formally announce the successful transaction of 7 greenfield development sites, totalling more than $150,000,000. The 7 individual transactions, ranging from $5,000,000 – $60,000,000 were all completed in the last 2 days of the financial year, spurred on by the Stamp Duty changes that were coming into effect from July 1 2021.

The Victorian government announced in the 2021-22 budget released in May 2021 that it would bring in a new premium stamp duty rate for property transactions with a value above $2 million, which would increase stamp duty payable to $110,000 plus 6.5 per cent of the dutiable value in excess of $2 million.

The transactions, all sold to differing development groups, were completed across Melbourne’s greenfield areas, including significant properties in Rockbank (22 hectares), Beveridge, Melton (12 hectares), Epping (100+ Townhouses and Commercial super lots) and Wollert (26 hectares).

These transactions were negotiated by Kane Malcomson, Chris Jabs, and Trent Malcomson of the Core Projects Land Team, and underpins the current strength of the Victorian greenfield land market.

We are delighted to transact so many significant farms in Melbourne’s key growth areas. Our vendors across these transactions included both farming families that had owned the farms over a long period time, as well as development groups looking to capitalise on the incredibly strong market conditions that we are currently seeing. We are proud to continue our strong partnerships with landowners across all key greenfield growth corridors

Kane Malcomson, Chris Jabs and Trent Malcomson, Core Projects.

About Core Projects

Formed in 2015 as the result of a merger between two of Melbourne’s longest-standing and respected land sales and project marketing businesses, Core Projects is a driving force in Victoria’s broad acre and greenfield land market.

Core Projects’ Land team transacted over $300m worth of land in late 2020 / early 2021 across Melbourne and Geelong’s growth corridors. In addition to consulting with land owners and developers to sell or acquire land, Core Projects also leads project marketing and sales. The project marketing team has sold over $1.4 billion in land lots in the last three years. This is all undertaken with a “people and positive impact” focused approach.