Stamp duty in Victoria is something many property buyers will find themselves facing. It’s charged based on the market value of your real estate in Oakleigh or the purchase price, depending which is higher.
It’s an issue that’s faced plenty of debate, as some industry experts believe stamp duty costs could be better used paying off a mortgage. Figures from the Property Council of Australia show that in Melbourne, the average homebuyer pays around $32,000 in stamp duty – something many groups are hoping to eradicate.
A land tax could be just as effective, argues the Australian Council of Social Service (ACOSS), but only if the Commonwealth gets involved and makes it a worthy alternative.
According to ACOSS, a land tax would be the best way to help the economy grow at a steady pace. CEO Cassandra Goldie explained that it should be given greater consideration over any other option, especially in light of current economic conditions.
“This necessary reform should be implemented before consideration of further tax cuts to individuals or companies, at a time when governments have a serious revenue problem,” she commented.
ACOSS acknowledged that certain people may need an extra helping hand – and indicated it would be up to the government to make sure this happens. For example, anyone who has recently paid a large amount of stamp duty could be given some sort of credits to make the system more evenly balanced.
It can be beneficial to have a real estate agent in Oakleigh on your side when you first enter the property market. They can discuss what homes are available in the local area and give an indication of the amount of stamp duty you will need to pay. Give Matt Hurlston a call to help your property search.