Search Results for: stamp duty
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NEWS
Stamp duty labelled ‘government addiction’ as industry calls for reform
Calls for changes to stamp duty are starting to grow stronger after New South Wales Treasurer Dominic Perrottet put the federal government on notice to act on tax reforms. In a recently released report, an independent panel appointed by the NSW Treasurer looked at how NSW and the Commonwealth could work together to build a stronger economy. One of the…
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NEWS
Stamp duty removal gains traction with off-the-plan purchases
The Real Estate Institute of Western Australia (REIWA) has come out in support of the McGowan Government plan to remove stamp duty from off-the-plan purchases. REIWA President Damian Collins said the news was a significant win for property buyers and restored the current imbalance where standalone houses only paid duty on land. “By reducing the tax for off-the-plan sales, not…
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NEWS
REIWA calls for less talk, more action on stamp duty
The number of annual property sales in Western Australia has dramatically dropped from over 71,000 in 2013 to less than 41,000 in 2018, the lowest the state has seen since 1990 and the numbers are only continuing to fall in 2019. REIWA President Damian Collins said one of the biggest imposts to home ownership is stamp duty, which has significant…
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NEWS
REIWA calls for WA to take action and abolish stamp duty
REIWA has welcomed Productivity Commission Chairman, Michael Brennan’s recommendation for state governments to abolish stamp duty and has strongly urged the Western Australian government to take action. REIWA President Damian Collins said stamp duty was an inefficient tax and one of the biggest imposts to home ownership. “Despite WA currently being the most affordable state in the nation, many still…
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INDUSTRY NEWS
NSW government announces changes to stamp duty
Calling it the “most significant reform in a generation” to stamp duty, the NSW government has announced that from July 1, 2019, the seven stamp duty tax brackets will move in line with the consumer price index. Indexing the tax to inflation will save the average property buyer $500 from the introduction of the move, with that amount to increase…
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INDUSTRY NEWS
Stamp Duty Revenue Hits New Record
“Australian homebuyers paid out over $21 billion in stamp duty to state governments during the 2017/18 financial year – and the total cost of the tax is expected to get even bigger over the next few years,” explained HIA Senior Economist, Shane Garrett. HIA’s Stamp Duty Watch report, released today, reviews the latest developments around stamp duty across Australia’s eight…
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INDUSTRY NEWS
Stamp duty boosts surplus for NSW Government
The massive surplus of $3.3 billion for the 2017-18 financial year announced today by NSW Treasurer Dominic Perrottet in his half yearly budget update is good news for the health of our State’s economy, yet this government’s reliance on property taxes to boost the budget bottom line is something that must change. “Treasurer Perrottet has announced a massive surplus and…
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INDUSTRY NEWS
Stamp duty is a “monster” tax that traps people, says REISA President Alex Ouwens after slow third quarter
REISA President Alex Ouwens said the results were not surprising given the third quarter is a traditionally slow period for sales. The figures showed a slight decrease in the median price from the previous quarter but also showed a 2.27% increase over the same quarter last year. In the September quarter, 4,028 houses settled across the Adelaide metropolitan area which…
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NEWS
Stamp duty concessions are reverse engineering supply and demand: Douglas Driscoll
Starr Partners CEO Douglas Driscoll is calling for more justification around the NSW Government’s solution for housing affordability after it revealed no concessions would be afforded to buyers making property purchases over $800,000. The measures, taken to cabinet last week, proposed stamp duty would be abolished on all homes up to $650,000 and relief to buyers of homes up to…
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NEWS
Stamp Duty changes to affect buyer demand: Tim Lawless
The decision last week by the News South Wales Government Premier Gladys Berejiklian to provide first home buyers with a stamp duty exemption for properties with a price tag under $650,000 is likely to boost demand for this under-represented segment of the market, according to Tim Lawless. Based on recent Australian Bureau of Statistics (ABS) data, first home buyers comprised…
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NEWS
NSW Government Tackles Housing Affordability with changes to Stamp Duty from July 1
NSW Premier Gladys Berejiklian announced a raft of measures yesterday to tackle housing affordability for first home-buyers in NSW. These measures include: Abolishing stamp duty for first home buyers for homes up to $650,000 from July 1. (This lifts the value of eligible properties from the existing $550,000 and reintroduces existing homes to the scheme.) Providing a discount on stamp…
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Elite Agent
Stamp duty is stopping Australian’s from selling: LJ Hooker
A survey by LJ Hooker has shown that Government charges are dissuading property owners from selling their homes, driving up demand and impacting affordability. The survey of 2,700 homeowners showed 44 per cent of respondents who wanted to sell in 2016 but decided against it, cited transactional imposts such as the stamp duty they would pay on their next property…
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National
REISA wants stamp duty abolished to stop the state’s brightest from moving to the Eastern states
The Real Estate Institute of South Australia (REISA) wants its state government to replicate the move taken by the Victorian authorities in abolishing stamp duty for first homebuyers as it strongly believes the step would stem the outflow a huge brain drain from moving interstate. “The state government is always seeking ways of making South Australia more attractive to our brightest…
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NEWS
REINSW calls on NSW to follow Victoria’s lead on stamp duty
A decision by the Victorian Government to abolish stamp duty for first homebuyers for purchases below $600,000 should propel the New South Government to also meaningfully tackle housing affordability. REINSW President John Cunningham said premier Gladys Berejiklian must put meaning behind her assertion that housing affordability is the number one priority for her government. “Victoria has acted,” Mr Cunningham said.…
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INDUSTRY NEWS
Reduce cost of stamp duty by 50 percent for retirees and see how housing supply rises, says REINSW
The Real Estate Institute of New South Wales (REINSW) is calling for the state government to give a 50 percent discount to retirees with dwellings, adding that the move will help increase necessary housing supply. REINSW President John Cunningham said the discount should also be extended to upgraders who had intentions to sell but choose not to due to the…
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INDUSTRY NEWS
Stamp duty breaks for older empty nesters will help solve second home buyer dilemma
A stamp duty break for empty nesters aged over 70 could ease housing affordability stresses in Sydney and Melbourne, according to Angus Raine, Executive Chairman, Raine & Horne. “The national housing debate focuses mostly on first home buyers, and with good reason given climbing real estate values combined with an ongoing shortage of new homes,” said Mr Raine. Sydney housing…
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INDUSTRY NEWS
Stamp duty a significant cost barrier for Sydney and Melbourne markets: CoreLogic
Higher priced properties in Sydney and Melbourne is not the only obstacle stopping people from entering these markets. Varying from state to state, another factor contributing to the high entry cost to housing is Stamp Duty, particularly in Australia’s largest two capital cities. CoreLogic Head of Research Tim Lawless said, “Calculating how much stamp duty is applicable on a property…
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Elite Agent
NSW, you can’t dine out on stamp duty forever: Leanne Pilkington
Laing + Simmons Managing Director and incoming REINSW President, Leanne Pilkington has penned a cautionary memo to the NSW Government telling them, they cannnot continue to dine out on NSW stamp duty revenues – highlighting the issue of housing affordability in the state, particularly in Sydney. Here is the full release: MEMO TO NSW GOVT: YOU CAN’T DINE OUT ON STAMP…
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INDUSTRY NEWS
Stamp duty hampers property transactions: REINSW
Homeowners are electing to undertake renovations rather than sell their properties in an attempt to avoid stamp duty, according to the Real Estate Institute of New South Wales. REINSW President John Cunningham said the number of property transactions had hit a four-year low for the month of October 2016 according to data from the NSW Office of State Revenue. “The…
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Elite Agent
REINSW Applauds ACT Budget, Stamp Duty Cuts, Over 60s Incentives
The New South Wales Government should follow the lead of the Australian Capital Territory which has reduced its tax rates for transfer duty and brought in incentives for over 60s, according to the Real Estate Institute of New South Wales. On Tuesday 3 June 2014, ACT Treasurer Andrew Barr announced as part of the 2014-15 Budget, reduction in transfer duty…
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NEWS
A landlords’ burden: Expert calls to cut ‘regressive’ taxes
A prominent property market analyst and buyer’s agent has called for governments to slash “regressive taxes” such as capital gains tax, stamp duty and land tax.
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NEWS
Tasmania’s bold housing plan: pets, tax cuts, and eco upgrades promised
The Tasmanian Government has vowed to allow pets in rental properties, boost its Private Rental Incentive Scheme and abolish millions of dollars in stamp duty costs if re-elected in next month’s State Election.
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INDUSTRY NEWS
First home buyers look to beat land tax deadline
First home buyers trying to avoid the new NSW Government’s reintroduction of stamp duty could risk paying too much for a home, according to a leading auctioneer.
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NEWS
NSW Budget helps certain sectors of the property market
The NSW Government’s stamp duty reform, shared equity scheme and housing infrastructure boost are all positive starts but don’t stretch far enough to make a meaningful, long-term impact on the property market, according to industry experts.
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INDUSTRY NEWS
Proposed NSW property tax changes labelled ‘nonsensical’
The Real Estate Institute of NSW has labelled the State Government’s proposed changes to stamp duty "nonsensical".
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INDUSTRY NEWS
REIA claims the Government bolsters its coffers at housing affordability’s expense
Real Estate Institute of Australia (REIA) President Adrian Kelly believes stamp duty has become the antiquated blight of the Australian housing sector, based on new findings.
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Elite Agent
Report hopeful for future of real estate despite record low listings
An influential property figure has accused state governments of being “addicted to the revenue” they receive from stamp duty and fees, resulting in record low listings across the country. John McGrath this week released the McGrath Report 2020, in which he claimed upgraders in big cities were paying close to $100,000 in fees and “absurdly…
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THE ELEVATE PODCAST
Episode 76: How’s the market? With special guest Nerida Conisbee, Chief Economist at realestate.com.au
“How’s the market?” It’s a question agents get asked a lot, not just by clients but by friends, family and the community. This week REA released their Demand Index for the last quarter of 2018 showing clearly that different areas are experiencing very different conditions. Our guest this week is Chief Economist at realestate.com.au Nerida Consibee who is the author…
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INDUSTRY NEWS
REIV wants tax reforms to boost rental supply
The Real Estate Institute of Victoria (REIV) has called on the Victorian Government to consider tax reforms that will bolster the supply of rental properties and help ease the escalating affordability crisis.
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NEWS
Tim Reardon: Attract foreign investors don’t tax them
Foreign investors are not to blame for Australia’s housing shortage and are actually one of the keys to solving the crisis, according to an economist.
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NEWS
Property tax overhaul: REIV’s bold call to spur investment
The Real Estate Institute of Victoria (REIV) has called on the State Government to review its property tax priorities to incentivise investors and help ease the housing crisis.
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NEWS
Buying Boost turns homeowners dreams into reality
Would-be homeowners currently locked out of the real estate market, due to not being able to save all of the deposit, now have a way of buying a home.
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CONTRIBUTORS
Leanne Pilkington: Interest rates, supply challenges and emerging real estate trends in 2024
In the throes of 2024, the Australian real estate market faces a critical juncture, challenged by the ebb and flow of interest rates and pressing supply issues. Here, Laing+Simmons Chief Executive Officer and Real Estate Institute of Australia President, Leanne Pilkington, reveals why this pivotal moment will demand unprecedented adaptability and strategic foresight from buyers, sellers, investors and agents alike.
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INDUSTRY NEWS
The top 50 residential real estate influencers for 2023
There is rarely a dull day in real estate. From mergers and acquisitions, record sales and the AI boom, 2023 has once again been a year for the record books.
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Elite Agent
Is real estate’s PR problem solved? How tech can build trust in the real estate sector
Real estate agencies can turn to technology to help them build trust with clients and maintain them as life-long supporters, according to an industry expert.
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