Invest
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.
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.”
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.
RELATED ARTICLES
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more
Property
Retirement communities: a pivotal element in meeting Australia's housing targets
The Retirement Living Council (RLC) has recommended that retirement communities should be considered a vital part in the Australian Government's initiative to fulfill the Housing Australia Future Fund ...Read more
Property
Australians adjust financial strategies amid changing property market dynamics
The 2023 calendar year saw Australian borrowers acquiring a total of $300.9 billion in new loans for property purchases, marking a 12.7% decrease from the previous year. Read more
Property
Split home loans unlocking doors for Aussie buyers
Australians are teaming up to dive into the real estate market and seize the advantages of home ownership, with the trend of split home loans surging as family and friends unite to buy properties ...Read more
Property
Real estate investment: Spotting high-growth potentials
Investing in real estate has long been a favoured approach for Australians looking to grow their wealth. Read more
Property
Granny flats become Aussie families' cost-effective solution to soaring living costs
As the cost of living skyrockets, a forward-thinking trend is sweeping across Australia – granny flats are becoming a favoured living arrangement for older Aussies seeking comfort and proximity to ...Read more
Property
Homebuyers grapple with extended savings period amid affordability crisis
Gone are the days when an Australian dream home seemed just within reach. The path to homeownership in Australia has extended by at least two arduous years, as revealed by the latest insights from ...Read more
Property
Hybrid development unlocks new potential for NDIS housing in metro hotspots
In a ground-breaking strategy aimed at addressing the stark imbalance between the location of Specialist Disability Accommodation (SDA) developments and the actual areas of demand, Aligned Disability ...Read more
Property
Property prices boosted by housing policies: RBA
The central bank has outlined the “pervasive” impact that policy has on property. Read more
