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The real estate industry’s peak body has asked the government to abolish stamp duty and make life easier for first home buyers.
The Real Estate Institute of Australia sent the federal government a pre-Budget submission with 10 proposals aimed at boosting Australia’s economy.
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One proposal was to allow first home buyers access to their superannuation for the purchase of a home.
The institute wants the First Home Owner Grant be set at $15,000 for all housing, new and established. It also wants the grant to be indexed to median house price movements.
The institute also proposed that conveyance stamp duties should be abolished and replaced by an efficient source of revenue for states and territories.
The full list of demands is below:
- Ensure the availability of reliable data on housing demand and supply to formulate appropriate policies and to monitor their effectiveness
- All states and territories uphold the initial intent of the Intergovernmental Agreement in Federal Financial Relations Schedule A, that assistance to first home buyers will be “uniform” and that “an eligible home will be new or established”
- Review the amount of the First Home Owner Grant annually to maintain relativity with house price movements
- Allow first home buyers access to their superannuation for the purchase of a home
- Retention of current arrangements for negative gearing of property investments
- No increase in capital gains tax on property investments
- Abolish stamp duty on property transactions, in favour of an efficient source of revenue for states and territories
- Improve the supply of housing for social housing tenants transitioning to private rental by utilising private investment
- Monitor the Housing Affordability Fund (HAF) and the National Rental Affordability Scheme (NRAS) to observe their effects on housing supply and to conduct a review that considers additional measures to bridge the demand/supply imbalance
- Ensure the Australian Skills Quality Authority (ASQA) funding is adequate to ensure nationally approved quality standards are met for vocational education and training.
