Didn’t have a chance to listen to the 2023 Budget Speech? No problem. PSG Financial Services has created a comprehensive summary with the information most pertinent to agents. The main development is a welcome one. Transfer duty brackets had remained unchanged for the past two years, and have now all been increased by 10%.
To put this into perspective, ooba data shows that most first-time buyers purchase properties around R1.3 million in value. Based on the new transfer duty brackets, these homeowners will pay no transfer duties on the first R1.1 million. At the higher end of the market, the transfer duty on a R3 000 000 property is reduced from R146 000 to R127 600.
