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Accident – Death – Obituary News : : 1. Affordable housing options for Victorians
2. Increasing housing supply in Victoria
The Allan Labor Government is taking action against vacant properties in Melbourne to increase the availability of homes for Victorians in need. Through compliance investigations, hundreds of properties in apartment towers have been identified as vacant for over six months, subjecting them to vacant residential land tax (VRLT). Owners are encouraged to rent out these empty homes to avoid VRLT assessments. The crackdown will expand to more buildings and suburbs, with escalating tax rates for consecutive years of vacancy. Exemptions apply to certain properties, but the goal is to free up housing stock for rent or sale. For more information and to report a vacant property, visit sro.vic.gov.uk.
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1. Increasing Affordable Housing Options in Victoria
2. Expanding Housing Accessibility for Victorians
The Crackdown on Vacant Properties in Melbourne
The Allan Labor Government is taking decisive action to address the housing crisis in Melbourne by cracking down on vacant properties. This initiative aims to make more homes available to Victorians in need by encouraging property owners to put their empty homes on the rental market.
Identifying Vacant Properties
Through a compliance investigation, hundreds of properties in apartment towers across Melbourne have been identified as vacant for more than six months. These properties are now liable for the vacant residential land tax (VRLT), pushing owners to either rent out their homes or face tax penalties.
Expanding Investigations
The initial investigation targeted five buildings, uncovering 177 properties liable for VRLT. This has led to 337 VRLT assessments covering the 2019 to 2024 land tax years. The government plans to expand the investigation to another 13 apartment towers and houses in the inner and middle suburbs of Melbourne.
Escalating Tax Rates
Starting from 1 January 2025, VRLT will apply to vacant homes across all of Victoria if they remain empty for more than six months in the previous calendar year. The tax rate will escalate based on the consecutive years a property remains vacant, with rates increasing from 1% to 3% of the capital improved value.
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Encouraging Home Utilization
To avoid VRLT assessments, property owners must either rent out their vacant homes or develop them for residential purposes. The government aims to incentivize owners to make their properties available for rent, thus increasing housing supply and affordability for Victorians.
“We know we need more homes for Victorians, and by cracking down on vacant properties we are easing the housing pressures being felt across the state,” stated Treasurer Tim Pallas. “Expanding vacant residential land tax will free up empty houses for rent and sale, boosting supply and making homes more affordable.”
Reporting Vacant Properties
Victorians can play a role in identifying vacant properties by notifying the State Revenue Office about potential homes that could be put to use. Information about VRLT, including exemptions, can be found on the State Revenue Office website.
