Changes to stamp duty have the potential to bring widespread benefits to property in Adelaide, a number of real estate industry experts have argued.
The sector is proposing a new scheme whereby houses under Adelaide’s median dwelling price would pay no stamp duty – a move they expect will reinvigorate the property market.
At present, first home buyers in the city are required to pay stamp duty of $15,830 on a property valued at $390,000, which Real Estate Institute of South Australia chief executive officer Greg Troughton believes should be changed.
“The South Australian government’s reliance on stamp duty is significant and can’t be ignored, but are we really assisting the economy by incarcerating potential investment in South Australia?” Mr Troughton questioned.
By changing the stamp duty requirements, it is hoped more families will be able to make their first move onto the property ladder, helping to improve affordability throughout the city.
Last month, figures from SQM Research indicated a rise in vacancy rates across Adelaide. It revealed 1.3 per cent of properties were vacant in October before rising to 1.4 per cent in November.
However, this was slightly better than the national figure, which showed a rise from 2 per cent to 2.2 per cent over the same period.
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