7Price caps

7  Price caps

Price caps

1.      The price cap for the area in which a property is located is the amount set out in the following table.

Note: The price caps are relevant to a number of provisions of this instrument, including paragraph 21(b). Paragraph 21(b) provides that a property is only an ‘eligible property’ for the purposes of a proposed arrangement if the purchase price does not exceed the price cap for the area in which the property is located.

 

• Price cap for an area
• Item Area Price cap
• 1 New South Wales—capital city and regional centre $1,300,000
• 2 New South Wales—other $800,000
• 3 Victoria—capital city and regional centre $950,000
• 4 Victoria—other $650,000
• 5 Queensland—capital city and regional centre $1,000,000
• 6 Queensland—other $700,000
• 7 Western Australia—capital city $850,000
• 8 Western Australia—other $600,000
• 9 South Australia—capital city $900,000
• 10 South Australia—other $500,000
• 11 Tasmania—capital city $700,000
• 12 Tasmania—other $550,000
• 13 Australian Capital Territory $1,000,000
• 14 Northern Territory $600,000
• 15 Jervis Bay Territory and Norfolk Island $550,000
• 16 Christmas Island and Cocos (Keeling) Islands $400,000

 

Price caps—meaning of regional centre

 (2) A regional centre, for a State specified in an item in the following table, is any of the Statistical Area Level 4 areas specified in that item.