TheReal Estate Institute of Australia (REIA) has welcomed the House ofRepresentatives Standing Committee on Tax and Revenue inquiry into housingaffordability and supply in Australia.
REIA President Adrian Kelly said the inquiry will addressproperty taxation in the form of stamp or transfer duties and land tax whichare among thelargest barriers to housing affordability and consistentlyperforming markets.
Familiesacross all the states and territories, except theACT, are paying more stamp duty today than 20 years ago and that is time to getserious about stamp duty reform.
Australiahas had the fourth-fastest house price growth out of the worlds advancedeconomies over the past 20 years.
Politicians cannot on one hand gripe about housingaffordability; and then on the other say we need this income from home buyersand owners to fund public sector operations, Mr Kelly said.
Housing supply and affordability is a national issue
REIA is calling on the Council ofFederal Financial Relations to take this issue seriously at a nationallevel, rather than shifting responsibility to the states and territories.
MrKelly said the massive market entry from first home buyers in both 2009 and2020 show the power of waiving taxes and stimulus programs in boosting houseownership.
Thelack of national coordination has led to limited supply of both new andexisting listings across the board. Now more than ever we need fact-based andbi-partisan support on policy issues for home buyers and home owners, Mr Kellysaid.
