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REIWA calls for overhaul of stamp duty

Australia's stamp duty should be overhauled, the Real Estate Institute of Western Australia has claimed.

The Real Estate Institute of Western Australia (REIWA) has called for the country's stamp duty regulations to be overhauled.

It claims that this is necessary as more buyers are paying the top rate now than were at the height of Australia's property boom.

The REIWA states that a third of buyers have paid the top rate of stamp duty this year as their homes are worth more than $725,000 (£445,000).

This compares to 27 per cent who paid the top stamp duty rate in 2006-07, which then applied to homes worth over $500,000 (£307,000).

"If the idea behind this stamp duty is revenue-raising, then it is counterproductive because it is preventing mobility," said REIWA president Alan Bourke.

He went on to say that he believes people are "quietly furious" each time they have to write a stamp duty cheque to the government.

Earlier in the year, president of the Real Estate Institute of Australia David Airey claimed that stamp duty was one of the country's many inefficient property taxes and called for it to be abolished altogether.

Posted by Craig Francis 

- stamp, duty, REIWA, land, sales, property

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