People interested in buying property in Australia will need to consider the rising costs of owning a car in some urban centres, after the Real Estate Institute of South Australia (REISA) announced that Adelaide's State Government is to increase taxes for car park owners in the city area.
Property is the number one contributor to the state's economy, having generated $1.6 billion last year, although REISA chief executive Greg Troughton has challenged the government's decision after the mid-year budget showed that the property market is currently down on estimates for 2012-13.
By increasing taxes on car parks, parking spaces are likely to become more expensive, and the property market is likely to suffer as a result.
Mr Thoughton says the state government could be shooting itself in the foot by imposing greater restrictions on its largest economic sector at a time when it should be trying to give the market a boost.
