Lately we have been hearing a bit of chatter in the market place around stamp duty reform, with some buyers suggesting they may hold out on purchasing property until this change has passed through Government. While we welcome stamp duty reform, we would strongly suggest that this change is likely years away and would need to follow consultations, committees and review of the system in order to get it right. Stamp duty in it’s current form has a negative impact on the real estate market and therefore the economy, and we believe a reform will lead to many new opportunities in the market place as there will be more of a ‘free flow’ of property providing an economic stimulus, allowing people to buy and sell property to better suit their circumstances. While the biggest stamp duty bills are at the top end of the market, the middle and lower income earners who buy property are often the hardest hit, with first home buyers finding it yet another hurdle to overcome just to enter the market.
To understand a bit more around this, our Managing Director John Cunningham discusses the topic in a video update, just click here to play.
For further reading on the stamp duty topic, the REA Group has also released an article this week, click here to read.
If this raises any questions or you would like to discuss your property goals, please don’t hesitate to get in touch with us on 02 9949 7077.