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Making headlines today, the Herald Sun reported that the REIV is calling for reforms to Victoria’s stamp duty payments.
According to the paper, home buyers filled the state government’s purse with more than $46 million over the weekend.
This monetary bonanza shows the tax must be reformed as rising property prices provide the government with a huge cash injection week in, week out.
REIV spokesman Robert La Rocca said around $640 million of properties changed hands in a busy weekend – and a large portion of that was going straight to the state government.
Victoria has the highest stamp duty rates in the country with home buyers spending $3.6 billion on it last year.
Mr La Rocca said the current strength of the property market underlined the need for cuts to stamp duty.