The increasing impost of stamp duty is restricting the number of properties that come onto the market, contributing to record-high prices.
STAMP DUTY
Stamp duty discounts were introduced by the Victorian government last year to help stimulate the property market.
First home buyers in NSW would be eligible for $25,000 grants under a new plan to help them get onto the property ladder.
The last time stamp duty and home renovations drove economic growth to a similar extent to now was in June 2002.
A premium stamp duty will also be introduced, with property transactions above $2 million attracting a $110,000 duty plus 6.5 per cent of the dutiable value in …
Legal and accounting professionals have criticised the NSW government’s strategy to replace stamp duty with an annual land tax.
Accounting bodies are concerned about the need to juggle three taxes concurrently: stamp duty, land tax and property tax.
The RBA governor has doubled down on his support to remove stamp duty following budget announcements by NSW and Victoria relating to the tax.
The Andrews government is pouring $6 billion into housing initiatives and planning changes it hopes will help more Victorians into secure homes.
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