Housing costs are a big problem for young people. Home ownership is falling fast in Australia, especially among the young and poor. Fewer than half of 25-34 year olds own their home today. Home ownership among the poorest 20% of that age group has fallen from 63% in 1981 to 23% today. At this rate almost half of retirees will be renters in 40 years time.Read More
As property prices in Sydney have soared so have the revenues flowing to the State government as it rakes in record levels of tax revenue through the stamp duty on property transfers. This stamp duty, approximately 4% of each property transfer, is a significant impost which increases the savings threshold for first home buyers and acts as a brake on mobility in the property market.Read More
Historically Australian government strategy, implemented via the FIRB, has been to funnel foreign investment in real estate into creating more housing stock. According to the report, that was the case this financial year with 85% of approvals being for new dwellings or vacant land for development. But we also know that there have been problems with compliance with this law due to poor oversight - many overseas buyers were simply ignoring the guidelines and buying local real estate anyway.Read More
As the year starts to take hold, the national property market is likely to continue to “peter out” over the year, according to researchers at Deloitte, who say tighter lending and expected higher interest rates will start to bite.Read More
A senior economist has called for state governments to remove “inefficient” stamp duty taxes in order to ease housing affordability issues.
Housing Industry Association (HIA) senior economist Geordan Murray believes that state governments should remove stamp duty, adding that first home buyers would benefit most from the move.Read More