ABC Finance
Calls for indexed stamp duty for home buyers
Monday May 5, 04:00 PM
The Real Estate industry wants a change to stamp duty in tomorrow's Victorian budget.
The Real Estate Institute wants the Government to introduce indexation of stamp duty rates, so home buyers are not forced to pay more as house prices rise.
The Institute's President, Neil Laws, says house prices rise naturally over time, and home owners should not be forced to pay extra in tax.
"For example in March 2007, a medium priced house in Melbourne, a buyer would have played 4.2 per cent," he said.
"That's now increased to 4.5 in December, so that's a fairly hefty rate."
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