Property lobby calls for stamp duty change for first home buyers
First home buyers in three Australian jurisdictions are being slugged tens of thousands of dollars in taxes when buying established homes, as a property industry lobby says now is the time for concessions.
The Property Council in South Australia (SA) is advocating for the government to waive stamp duty on established homes for first-time buyers. Currently, SA, Tasmania, and the Northern Territory do not provide stamp duty concessions on non-new homes, leaving first-time buyers facing significant tax burdens. According to RevenueSA's stamp duty calculator, a $700,000 established home in SA would result in an additional $32,330 in taxes for a first home buyer.
Bruce Djite, South Australian executive director of the Property Council, suggests that the government should review stamp duty policies, noting that investors are largely avoiding the established housing market. SA Housing Minister Nick Champion opposes the policy change, arguing that adding more demand to existing homes would be "idiotic."
Meanwhile, young people like architecture student Clementine Cooke-Hall and university student Sam Menadue support the change, highlighting the affordability challenges they face in purchasing homes and expressing concern for the future of the state's young population.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
