Fresh Calls to Cut Stamp Duty to Tackle Housing Affordability
Property Council research shows West Australians are paying almost $40,000 in taxes and transaction costs when they move home, creating a major impediment to the movement in the housing market.
“The biggest transaction cost when buying a new home is stamp duty, which is compulsory whether upsizing or downsizing,” Property Council WA Executive Director Lino Iacomella said.
“Then when you include the average costs for removallists, conveyancer fees, bank fees and real estate commission the figures come to just under $40,000.
“The high transaction cost of moving house is a major contributor to housing affordability stress.
“Strategic reductions in stamp duty and making home buying more affordable is an excellent initiative to kick-start economic growth in WA though construction.
“Two targeted initiatives include reduced stamp duty for seniors downsizing into new dwellings and reduced stamp duty for buyers of new dwellings of off-the-plan. Other states have introduced similar initiatives.
“Research undertaken for the Property Council by Deloitte Access Economics has found that Australia would experience an additional 340,000 property transactions annually without stamp duty,” Mr Iacomella said.
Media contact: Lino Iacomella | M 0417 501 974 | E [email protected]