AUTHOR: HERSCHEL JAWITZ
Transfer duty thresholds adjusted, helping potential home-buyers
SURPRISINGLY, THE transfer duty tables have been adjusted to account for property price inflation, which is good news for buyers.
For a start, the threshold below which transfer duty is not payable has increased by 10%, from R1.1 million to R1.21 million. For a first-time buyer, the savings will be R3,300, which is a meaningful amount of money.
The transfer duty saving will be similar for a purchase price of R1.5 million. On a purchase price of R2 million, a buyer will now pay R7 839 less transfer duty than last year.
The adjustments to the transfer duties send a very positive signal to the market, which is already starting to see the benefit of lower interest rates and improved overall sentiment. Buyers are feeling more positive, and the transfer duty adjustments will add to the improved level of buyer activity we are seeing in the market.
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