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Land tax hindering current supply

By webmaster
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New housing in South Australia is being limited by the highest national land tax rates, according to a new report.

Median lot prices in metropolitan areas rose from $90,513 in 2002/2003 to $182,613 in 2010/2011 according to the Urban Development Institute of Australia (UDIA) report, due to insufficient levels of land supply.

UDIA president Julie Katz said releasing land to the market was of significant importance in overcoming supply issues.

"The continued increase in SA's population, albeit slower than most other states, will result in additional demand for residential land,” Ms Katz said.

The provision of adequate land should be achieved under the rezoning in the 30-Year Plan for greater Adelaide, she said.

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