Finance advice

Abolishing stamp duty ‘ultimate goal’

By Reporter

Labelling stamp duty “unjust and inefficient”, the president of the Real Estate Institute of New South Wales has called for a major tax reform.

The plights of first home buyers and retirees, and the effects of bracket creep, have been reviewed by the Real Estate Institute of New South Wales ahead of the state budget announcement on 21 June.

REINSW President John Cunningham said the institute has released a comprehensive assessment of NSW tax policy.

“The ultimate goal must be to abolish stamp duty,” Mr Cunningham said.

“It is an unjust, inefficient and market-distorting tax.”

“In the short term, however, that is not possible, as it will require a coordinated and national response utilising non-market distorting taxation processes and positively discriminating toward broad-based taxes as the funding alternative,” he said.

“Nonetheless, there are things we can do, and must do now.”

Mr Cunningham said the NSW government has left stamp duty rates unchanged for more than 30 years and is “reaping the rewards at the expense of ordinary NSW citizens”.

“The NSW Treasurer and Premier must look to the lead of federal Treasurer Scott Morrison, who recognised the burden placed on middle [class] Australians through bracket creep and lifted tax thresholds accordingly,” Mr Cunningham said.

“The NSW transfer duty already collected for the nine months from July 2015 to March 2016 is $6.749 billion,” he said.

Mr Cunningham pointed to the NSW Half-Yearly Review for 2015-16, which shows that stamp duty revenue in 2015-16 is forecast to be $863 million higher than at budget at $7,841 million, while land tax revenue in 2015-16 is expected to be $104 million higher than at budget at $2,764 million.

“Based on Domain Group’s March 2016 house price data, stamp duty of $31,827.50 would be payable on a property at the median Sydney house price of $807,500,” he said.

“On a house price of $1 million, the stamp duty payable is $40,490; for houses over $1 million, stamp duty payable is 5.5 per cent up to $3 million, and thereafter the rate becomes 7 per cent.

“This means that after the stamp duty is paid, a man or woman on an average wage (currently around $75,000 to $77,000) would have to work for five to six months in order to just pay the stamp duty.”

The REINSW president said the barrier to entry has become unjust and disproportionate over time.

“It is too much and is distorting social fortunes and creating a range of social challenges and consequences for young, middle-aged and elderly people,” he said.

“Now is the time to review stamp duty bracket creep and create an environment that is fair and just for all.”

More to come.

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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  ["introtext"]=>
  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
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Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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