Stamp duty rates are subject for review in South Australia as a proposal pushes for stamp duty exemption for houses purchased below the median value.
The State Government is pressured to review their rates as the Real Estate Institute of South Australia argues that the state taxes are blocking potential first home investments in South Australia. With growing property prices, it is but appropriate that stamp duty, together with land tax be reviewed to make housing more affordable in the country. Stamp duty for median price back in 2000 was just a measly $4,270, compared to $16,000 recently.
Reducing stamp duty will be beneficial to the government, according to the Housing Industry Association, as this will encourage more activity in the sector.
Read more about this on the News.com.au website.