This financial year the Victorian state government has collected an extra $112m in stamp duty and $71m more in land tax than it expected, according to its 2006/07 Annual Financial Report.
Real Estate Institute of Victoria (REIV) CEO Enzo Raimondo said the excessive budget surplus shows that there is an opportunity to encourage more investors to enter the Victorian property market by extending first homeowner stamp duty concessions to landlords.
“It is time to revisit the policy that prevents small investors claiming the stamp duty cut,” Raimondo said.
“We are in the middle of the tightest rental market for 25 years, and extending the $2,800 concession to investment properties would help stimulate greater investment in rental properties.”
Raimondo also said that the financial report has shown not only the strength of the Victorian economy, but also the need for the indexation of stamp duty rates.
“[The report] shows that a policy of indexation of stamp duty rates is long overdue,” Raimondo said.
The cuts, which were applied in January, were very welcome, and have saved thousands of homebuyers up to $2,800. Had it not been for the cuts, the unexpected increase in stamp duty income would have been a lot higher than the $112m that was recorded.”
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