The REIV has welcomed today’s election announcements to cut stamp duty by the ALP and Coalition as welcome recognition home buyers are paying to much stamp duty in Victoria and that housing affordability is a serious issue.
REIV CEO Enzo Raimondo said that Victoria has the highest stamp duty in Australia and it’s well overdue that Victorian first home buyers received a cut.
“The REIV has been campaigning for cuts to stamp duty for many years and we welcome the announcement of the policies by both ALP and Coalition today.
“Both policies have good elements, however the Coalition’s policy is more generous. Once fully implemented the Coalition’s policy would ensure all Victoria first home buyers were not subject to the highest stamp duty rates in Australia.
“The Coalition’s initial 20 per cent cut would take stamp duty rates (as a percentage of the sale price) back to what was being paid around 10 years ago for first home buyers.
“The ALP’s policy does not reduce stamp duty for all home buyers but continues its policy of targeting first home builders, particularly in regional areas.
“The REIV has been campaigning for indexation of stamp duty rates and we would, along with the taskforce welcome, implementation of such a policy if it lead to lower stamp duty for all buyers.
“The ALP commitment to abolish stamp duty for first home buyers of new homes in regional Victoria and continuing the bonus for new homes is welcome but the Government knows the majority of first home buyers buy established housing in the metropolitan area and so their policy that should be applied more widely,” Mr Raimondo.