Master Builders South Australia chief Ian Markos urges stamp duty cut for first-home buyers
BUILDERS are urging stamp duty be axed for first-home buyers on average-priced homes to remove a $60,000 tax impost.
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BUILDERS are urging stamp duty be axed for first home buyers on average priced homes, to remove a $60,000 tax impost.
In a pre-election challenge to political parties, Master Builders South Australia chief executive officer Ian Markos said latest Census figures showed SA was the nation’s third most expensive state for housing costs.
Speaking at the group’s annual building excellence awards dinner, Mr Markos said this belied the state’s reputation as has having some of Australia’s most affordable housing.
Mr Markos, pictured, is urging stamp duty be axed for first homebuyers purchasing houses worth the median price ($430,000 in Adelaide) or below.
He said first homebuyers paid stamp duty of $18,000 on a median priced home, which equated to paying back $60,000 over a 30-year loan.
“That’s not affordable. If the (political) parties in this room are serious about helping young South Australians commit to this state, then commit to making housing more affordable to them,” Mr Markos said.
“Remove the $60,000 noose from their necks and give them a stamp duty break for wherever they want to live.”
Mr Markos’ call for stamp duty concessions is aimed at giving young people incentives to stay in SA, by extending cut-price housing choices beyond apartments. In the June State Budget, government concessions of up to $40,500 were detailed for first home buyers purchasing off-the-plan apartments.
Mr Markos warned that nothing could be taken for granted ahead of next March’s state election, given the campaign was poised to be one of the most hard-fought and complex yet.
“This is an election year. We will be loud. We will be strong. We will fight for our members, for the interests of the 60,000 people directly employed in the (building and construction) sector, and for their families, and the tens of thousands more that rely on our industry,” he said.
A State Government spokeswoman said Adelaide had recorded the second-largest improvement, after Darwin, on the latest HIA Housing Affordability Index.
“On any measure, Adelaide remains one of the most affordable capital cities to buy a home, thanks largely to Government schemes such as our first homeowner grants and stamp duty concessions for off-the-plan apartments,” the spokeswoman said.
Liberal treasury spokesman Rob Lucas said the cost of doing business in SA was way too high.
“Under the Weatherill/Koutsantonis Government, our economy has ground to a halt and businesses are closing or leaving the state because of high taxes and too much red tape,” he said.