Warrnambool has been voted number 3 in Australia’s Best Seachange town by The New Daily. If you’re a local you’ll know just how incredible the lifestyle is here, but it feels great when our humble seaside city gets some much deserved recognition for being a great place to live, work and invest.
‘The prosperous and growing community of 34,000 enjoys beautifully rugged coastline, very affordable housing and some of the best education opportunities outside of the nation’s capitals.’
‘The former port city, located about three hours from Melbourne along the Great Ocean Road, is embedded between two rivers in an agricultural food bowl, with four high schools, three primary schools and is Australia’s smallest city to have both a university and a TAFE.’ (Yes, we are an awesome town, however we do have 9 primary schools in Warrnambool alone and 12 if you include Woodford, Grasmere and Allansford thanks New Daily!)
We were delighted to see that Warrnambool received 5 stars for housing affordability. Warrnambool doesn’t tend to experience the market fluctuations of some higher populated areas closer to the cities, and therefore home owners can enjoy the security of steady capital gain and investors can delight in our high rental yields.
There’s never been a better time to Build in Warrnambool.
Building a new home, rather than purchasing an existing home can ensure you are maximising your dollar spend. Building can be like buying wholesale in that the value of your finished home will often be valued at more than what it cost you to build it. With the right advice the new house you build has the potential to create instant equity.
Retail Price (Market Value) – Wholesale price (cost to build/monies owed) = Equity
By choosing to build, it’s possible to accelerate your capital gains which will continue to grow with each year you hold the property.
Stamp Duty Savings
Possibly the single biggest saving you will make by choosing to build your home is what you’ll save on Stamp Duty. Stamp Duty is a land transfer tax that you pay on top of your purchase price. You pay the tax on the overall value of the property you are buying.
Buy a House = You pay Stamp duty on the value of the land and the house together.
Build a House = You pay Stamp duty on the value of the land only delivering you substantial savings.
On a $450,000 home you’ll save around $15,000 in stamp duty. Even more if your an investor! Read all about how Stamp Duty Savings are a great way to save thousands of dollars off your next big move at our blog ‘Stamp Duty – The Single Biggest Saving You’ll Make’.
Anyway, enough about the advantages of home building in Warrnambool. Click here to read all about Warrnambool being voted number 3 in the Best Seachange town in Australia!