Calls for cuts to stamp duty after seven-fold increases
PROPERTY experts have called for stamp duty to be abolished or significantly cut in spite of the NSW Government’s claim it would drive up house prices.
Chinchilla
Don't miss out on the headlines from Chinchilla. Followed categories will be added to My News.
PROPERTY experts have called for stamp duty to be abolished or significantly cut in spite of the NSW Government's claim it would drive up house prices.
REINSW president Malcolm Gunning has revealed stamp duty rates in NSW have undergone more than a seven-fold increase over the past 20 years.
According to the 2015 State of the Regions report, an average home in the Northern Rivers costs $383,000 and carries an extra $12,275 stamp duty over and above the sale price.
Mr Gunning rejected Premier Mike Baird's comments last week that reducing the tax would fuel the existing affordability crisis.
"Abolishing stamp duty for first home buyers on existing properties and reviewing stamp duty rates that have not been touched for 30 years would see more properties enter the market," Mr Gunning said.
READ MORE: Stamp duty is 'out of control'
"Lower volumes drive higher property prices, while higher volumes slow the market and improve affordability.
"The NSW government, which has seen a windfall of $5.18 billion in stamp duty from residential transactions this financial year, will see even more revenue by reducing stamp duty rates."
Property Council of Australia CEO Ken Morrison called for the tax to be eliminated altogether.
"The stamp duty rates were all struck in 1986 when the average home was $75,000," he said.
"What we have is a runaway cash grab that's ruining the economy and pushing property ownership out of reach for some people."
Originally published as Calls for cuts to stamp duty after seven-fold increases
Why most Queenslanders don’t want ‘cheap’ Games
Many Queenslanders have resoundingly rejected Premier Steven Miles’ no frills option for an Olympic Games stadium, instead backing the more ambitious proposals which could also lure major artists like Taylor Swift to Queensland. SPECIAL REPORT
Fentiman’s homework-gate claims over LNP’s kindy plan
Shannon Fentiman says the LNP’s free hearing, vision and speech tests for kindy kids is another example of David Crisafulli “not having one new idea”.
Where 60 per cent of voters prefer Steven Miles and Labor
An exclusive Courier-Mail poll reveals Queensland is divided, with Premier Steven Miles holding an overwhelming majority in one part of the state while David Crisafulli dominates in the regions.
Who won week three? Watch most BRUTAL Voter Verdict yet
The Courier-Mail’s Voter Verdict have weighed in on the third week of the election campaign with a brutal assessment of both leaders. But who won the week?
Premier vows to open 10 new police beats despite 42 closing
Steven Miles will attempt to open 10 new police beats if elected, despite 42 beats closing since Labor has been in power, something the Premier says was a police service decision.
Your ultimate guide to every gun club in Queensland
A new public shooting gallery catering to unlicensed shooters as young as 11 has opened as firearm sports experience a surge in popularity. See our exclusive list of all gun clubs in Queensland.