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State Government in discussions to abolish stamp duty

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27 April 2020

Good morning,

I hope you had a lovely weekend.

The State Government’s economic rebuild plan is currently underway with strong rumours that they are considering revamping land transfer duty (stamp duty).   The revamp is said to be abolishing the land transfer duty and implementing an annual land tax which is said to be a cheaper alternative.

The proposal states that the annual land tax will be calculated on a sliding scale based on the value of the land.  The more expensive the land, the more tax to be paid.  The purpose of decreasing the substantial upfront costs is to enable property to be more affordable.  This would come at a huge cost as the current system draws in $6 billion of revenue each year.  It will be interesting to see how this pans out over the coming weeks.

On another note, the REIV released the March 2020 quarter median house and unit prices last week with the Melbourne median house price increasing to $890,000 for the first time.  This comes after two consecutive quarters of growth.  The median unit (townhouse, units and apartments) price for Melbourne also reach a record high of $641,000.

It was great to wake up to some positive news that two states have plans to start easing Coronavirus restrictions and lets hope the new case numbers remain low and other states will start following suit in the not too distant future.

Keep warm this week, it’s going to be cold one.

Kim Easterbrook

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