Professionals Nowra Currently when purchasing a property, home buyers can pay tens of thousands of dollars in stamp duty. This tax creates an extra hurdle for first home buyers entering the property market and for all buyers looking to upgrade. Stamp duty is based on a percentage of the purchase price and is an additional burden amid an increasingly competitive property market.
Karl Poulton Director of Professionals Clyde Poulton Real Estate notes that the stamp duty imposition in Regional areas like Nowra and the Shoalhaven is one of the reasons first home buyers are being held out of the real estate market.
The proposal supported by both the Grattan Institute and Greens would add an annual tax to every property owner in the Country. It is proposed a new tax of $1 for $1,000 of a home’s value. On average that would be $400 per year for a home in Nowra.
Will this policy change make housing more affordable or is it over the long run just an increase in income for the government?
A link to the full article is below;