According to The Australian Financial Review, major ASX-listed property players involved in residential development, including Lendlease, Mirvac and Stockland, can expect a boost from federal budget measures to support investment into build-to-rent projects and increase rental relief for many residents in land lease-style housing estates.
The expansion of the federal government’s home guarantee scheme for first home buyers – to allow any two people such as siblings or friends to purchase with a 5 per cent deposit – is also positive news for major developers such as Stockland and Mirvac.
The withholding tax applied to managed investment trusts used by foreign investors will be halved from 30 per cent to 15 per cent. The depreciation rate applied to build-to-rent projects will also be increased to 4 per cent a year.
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