Territory Alliance to wipe stamp duty for two years if elected, in bid to stimulate property market

Territory Alliance would wipe stamp duty on property purchases for two financial years in a bid to stimulate the NT’s real estate market.

TERRITORY Alliance would wipe stamp duty on property purchases for two financial years in a bid to stimulate the NT’s real estate market.

Under the party’s policy, people snapping up a property worth up to $650,000 would not have to pay stamp duty, granted the house will be their principal place of residence.

Party leader Terry Mills said it would be “impossible” at this time to determine the impact this measure, which would apply in this financial year until July 2022, would have on the NT’s tax revenue.

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Territory Alliance leader Terry Mills. . Picture: Che Chorley

The purpose of the policy is to “put some movement back into the property market which has stagnated” by ­making it cheaper for people to buy and sell property, particularly empty nesters looking to downsize and first-home buyers.

“The stamp duty concession will be very attractive for ­people looking to move to the Territory and for expat Territorians thinking of moving home,” Mr Mills said.

He said the economic destruction brought on by coronavirus meant now was not the time for cutbacks or austerity measures.

Mr Mills said Territory Alliance, should it form government and implement this policy, would not make changes to the current stamp duty discounts available in the NT.