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Isolation of FHOG 'would distort the property market'

The Australian property market would be distorted if the First Home Owners Grant was changed to only apply to new builds, the Real Estate Institute of Australia has claimed.

The proposed isolation of the First Home Owners Grant (FHOG) to include only new homes would distort the Australian property market.

This is the view held by the Real Estate Institute of Australia's president David Airey, who voiced his support for a boost to the FHOG.

However, he went on to say that this support depended on the grant being applied across both the established and new markets.

Mr Airey added that certain property taxes need to be abolished in order to encourage more buyers to enter the market.

"If Australian states and territories want to boost home construction and assist first home buyers, they need to abolish stamp duty, as has been done in Queensland," he concluded.

Last month, API Magazine reported that the Australian Labor Party and the coalition had both pledged to make a number of tax reforms in Victoria, including reducing the stamp duty.

Posted by Steve Douglas

- FHOG, grant, first, REIA, property

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