Beechworth Real Estate

by : Jamie Horne

Beechworth real estate and property is tightly held by local and regional investors who have taken long term positions in Beechworth freehold and land holdings. But a number of properties are now coming onto the market as demand from new residents seeking as escape from the major cities of Melbourne, Sydney and Canberra heats up.

Beechworth is a popular and picturesque town located amongst the North East Victoria hills and lays claim to being Victoria's best preserved gold rush town, significant Ned Kelly history, its own lake, excellent local water supply and stunning and picturesque views. It is 224 km's from Melbourne, 249 km's from Canberra and 495 km's from Sydney making it the ideal 'mid point' between the major cities. It is a popular commuter town for those to working in the nearby rural cities of Albury - Wodonga and Wangaratta but wishing to fully enjoy the benefits of living in regional Victoria.

The town's focal point is the historic Post Office at the intersection of Camp and Ford Street which is now owned privately. There are a number of other significant buildings in the centre of town dating back to the mid 1800's and most of these are protected by heritage overlays. When looking to buy one of these properties be sure to check the vendors' statement and liaise with the local authorities to understand what can, or cannot, be done to the buildings.

Outside of the central business district there are few heritage overlays but be sure to check. Residential properties are keenly sort after with both period style properties and modern developments keenly sort after. There are a number of new subdivisions now being undertaken but be aware that many of the blocks are around 600 - 700 sqm in size. Many of the older properties in Beechworth still boast 1000 sqm + allotments.
Beechworth real estate purchasers; and Victorian purchasers for that matter, may benefit from January 2007 as the State Government has amended the amount of stamp duty payable of Victorian Property sales. The changes affect primary residence purchases under $500,000.
The first home buyer's bonus has also been extended and provides an additional $2,000 for first home owners building their home, taking it to a total of $12,000. First home buyers are entitled to only one of either the first home buyer's bonus or the concession stamp duty rate. The State Government subsidy of $10,000 will also remain in effect until June 2009.
Those buyers of principal places of residence but not eligible for the first home buyers bonus will benefit in a cut in the rate of stamp duty from 6% to 5% for purchase amounts in the $115,000 to $400,000 bracket. A fixed reduction of $2,850 for amounts in the $400,000 - $500,000 bracket also applies.
At the time of writing the following stamp duty rates are applicable for real estate on property purchases in Victoria

$0 - $20,000 1.4 %
$20,001 - $115,0002.4%
$115,001 - $400,0005%
$400,001 - $500,0006%
$500,001 - $870,0006%
$870,000 + 5.5%