Home buyers want to see stamp duty scrapped

Adam Smith 9 August 2016

money trashMost Australians believe scrapping stamp duty would be the best way to help assist home buyers.

A new survey by property agency iBuyNew has asked the best way for government to assist prospective property buyers. 55% of respondents said cutting stamp duty would provide the biggest boost to home buyers. Thirty per cent of respondents said an increase to first home buyer grants would be the most helpful, while 15% wanted to see negative gearing scrapped.

The company’s chief executive Mark Mendel said state governments relied too heavily on stamp duty.

“State governments still have an unhealthy dependence on stamp duty which is just a drag on the economy and a handbrake on homebuyers,” Mendel said.

While Mendel conceded state governments might be unwilling to scrap stamp duty altogether, he called for compromise.

How much will you pay in stamp duty?

“If governments are not prepared to abolish stamp duty they should at least consider reductions or more concessions for certain buyers,” Mendel said.

Mendel also criticised state governments over moves to levy higher taxes on foreign investors.

“Foreigners buying property in Australia should be paying some tax but the measures that were recently announced by the NSW, Victorian and Queensland governments were over the top,” he said.

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