First homebuyers need to be considered in this year’s SA State Budget by way of stamp duty relief, according to the Real Estate Institute of South Australia (REISA), who revealed that in the last five years, stamp duty on property has yielded $849m over original budget estimates.
In a Pre-Budget Submission to the State Government, REISA has stressed the importance of taking steps to address affordability issues and reduce the heavy burden of property tax.
“Housing affordability is sliding and South Australians are not being encouraged into home ownership by the State Government,” REISA President Robin Turner said.
“At the metropolitan median house price of $350,000, South Australians are paying the highest stamp duty rate in the nation and no State Government concessions apply at all.
“In fact concessions only apply to properties up to $250,000, and it is becoming increasingly difficult for a first homebuyer to find a property within this range. Only 13% of Adelaide suburbs which record regular sales have a median house price for $250,000 or less and these are mainly in the outer regions.”
REISA highlighted that over the past five years, property buyers in SA have paid stamp duty levies totalling more than $849m, over and above original budget estimates.
“Stamp duty has provided incredible windfalls to the Government, and now is the time to consider investing back into the sector and helping those most in need,” Turner said.
“South Australia has lagged behind our interstate cousins in providing first homebuyer concessions, and this is highlighted by the fact we have one of the lowest rates of first homebuyers in the nation.”
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