Posted on Sunday, 3rd July 2011 by Stella Ransom
Ray White Palm Beach principal, Mark Gordon, discussed the new changes to Queensland’s State Government to stamp duty on goldcoast.com.au recently.
Goldcoast.com.au reports:
Queensland is set to lose its competitive advantage over NSW when it comes to housing after State Government changes to stamp duty, according to one agent.
Ray White Palm Beach principal Mark Gordon said until this week’s changes, Queensland held a competitive advantage over NSW in terms of stamp duty.
“When buyers were looking at similar homes in Elanora and Banora Point there was a $7000 difference in stamp duty,” he said.
“But now that will drop to $1000 difference.”
Changes to stamp duty and the introduction of a $10,000 Queensland Builders Boost Grant in this week’s State Budget have left Gold Coast real estate agents seething.
Agents say the changes, which include the removal of a concession that non-first home buyers receive when buying a new or established home as their principal place of residence and the introduction of a $10,000 grant for new-home builds, will force up the price of new homes.
The Queensland Building Boost grant will be available for all people building, or buying, a new home or unit priced up to $600,000 between 1 August 2011 and 31 January 2012.
According to some of the Coast’s top agents the changes froze out the 60 per cent of home sales involving established homeowners buying established homes.
Lucy Cole Prestige Property principal Lucy Cole and Andrew Henderson of Henderson Professionals Mermaid Beach called for stamp duty to be dumped.
“The State Government should be abandoning the stamp duties on home purchases rather than increasing the duties,” Ms Cole said.
“It is ridiculous that in this economic climate that the government has decided to increase stamp duty fees.
“If the government had the foresight and vision to scrap the tax, it would lead to an investment boom in the state not seen since the Joh Bjelke Petersen government scrapped the death taxes.”
Mr Henderson said the way to stimulate the property industry would be to reduce stamp duties and cut land taxes.
Edgar Natolo of Natgroup said the $10,000 bonus would lead to builders and developers artificially inflating the price of new properties.
“In 2008 and 2009 when the First Home Buyers Grant was in effect, market prices simply increased approximately $14,000,” Mr Natolo said.
Source: goldcoast.com.au
Tags: Duty, Mark Gordon, Stamp Duty
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