Treasurer John Brumby adjusted the Government’s land tax rates, which will leave more cash in the pockets of investors and holiday home owners – but failed to address when Victoria’s high Stamp Duty rates will be reviewed again.
“The Urban Development Institute of Australia and most other industry bodies have been calling on the Government to reduce stamp duty, especially for first home buyers purchasing properties valued at up to $350,000,” said UDIA chief executive Mr De Domenico. “Its time the Government followed in the footsteps of Queensland and New South Wales to reduce this tax.”
This sentiment is shared by Woodards CEO John Piccolo.
“With historically low levels of turnover (of houses), cuts in stamp duty would at least create more activity in the market,” said Mr Piccolo who added this would ease the struggle faced by first home buyers to get into the market.