The REIV has urged the re-elected Andrews Government to urgently focus on the real estate sector, with a range of critical market forces and industry issues surrounding and influencing the sector.
Quentin Kilian, REIV’s CEO, has said now is the time for the Government to put genuine focus on good property sector policy. “Despite the sector’s rapid recent evolution and a significant shift in market conditions, Victorian property participants are still dealing with archaic stamp duty that does nothing but inhibit aspiring homeowners, deter downsizers, and cripple investors, all which compounds our current housing supply crisis.”
The REIV’s 7 key arguments to remove stamp duty are:
reduced purchase costs;
- reduce purchase costs;
- enhanced mobility of skilled people via the reduction of transfer costs that in turn aids better economic outcomes;
- likelihood of older people moving to more appropriate accommodation and thereby releasing suitable housing stock for younger families.
- increase in taxation transparency;
- improved housing affordability through decreased purchase costs and greater housing liquidity (supply of existing house stock);
- with appropriate measures and intent by governments, increased availability of funds to meet social and affordable housing needs; and
- greater stability in tax revenue modelling for governments.
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