Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Fresh calls to scrap stamp duty amid bullish property outlook

With NSW expected to once again lead the national property charge with high expectations for growth and investment, one industry spokesman has called for stamp duty to be scrapped.

As housing prices in the state look unlikely to fall in the short term, Property Council NSW executive director Jane Fitzgerald says stamp duty must be dumped to counter rising unaffordability.

“We must cut stamp duty for families trying to get a foot in the property market, scrap the foreign investment tax and continue steps towards streamlining the planning system so that we can continue to build the NSW of the future,” Ms Fitzgerald said.

“The budget is in surplus and there is a record spend in infrastructure. Now is the time to ease the tax burden on home buyers and strengthen housing supply. We must not rest on our laurels. There is much more that can be done.”

Advertisement
Advertisement

The call comes as the property sector, buoyed by stronger expectations of economic growth and capital values, revealed its bullish outlook for 2017.

According to the ANZ-Property Council survey for the March quarter, firms are “considerably” more optimistic about the outlook for the property sector this year, a view shared by the national bank.

“Our solid outlook for the Australian economy in 2017 is broadly consistent with the strong tone to this quarter’s survey,” ANZ chief economist Richard Yetsenga said.

“Sentiment in NSW’s, Victoria’s and the ACT’s property markets sits around record levels, in line with the transition away from mining-led growth.”

According to the survey, confidence reached a two-year high, with 31 per cent of respondents expecting conditions in the property market to improve over the next 12 months.

“Stronger price growth expectations are largely in line with recent results in the housing market. House prices have returned to double-digit annual growth rates across Sydney and Melbourne … coupled with the returning presence of investors, it appears that demand for housing is reasonably steady at an elevated level,” ANZ said.

Fresh calls to scrap stamp duty amid bullish property outlook
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Anonymous - This is all identity politics rubbish. Inasmuch as most families are dual income earners and as most women are not in high paying jobs for a variety.......
Margaret - Happy that I won't be around in 2060....
Anonymous - This "analysis" is misconceived and should get a fail in statistics. Men pay more tax because they work more. So they should get more relief. And,.......
Anonymous - I'm not sure how the ATO can declare there is an "$8.7 Billion hole" without already being able to confirm that all these claims are illegitimate?

Is.......