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Following two years of incredible property price growth, some governments across the country implemented measures to assist more Australians into home ownership while others opted to.
NSW stamp duty
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Premier Dominic Perrottet proposed plans to implement stamp duty reform across NSW in June. Under his proposal, first home buyers will be able to choose either an upfront stamp duty payment or a smaller annual property tax if they are purchasing a property up to a threshold of $1.5 million.
Subsequent government research found that two in three first home buyers would opt against stamp duty, with up to 80 per cent of homes in the state able to qualify for the scheme.
As of November, the legislation was given the green light in State Parliament, with the reform set to come into effect early next year, though not all industry professionals were pleased by it.
Qld land tax
Controversially planned for introduction next year, Queensland’s land tax laws — which planned to charge land tax within the state based on the value of an individual’s Australia-wide property holdings as opposed to those only within the Sunshine State — had tax-exempt landlords on notice in August.
A host of furore and backlash, particularly from Real Estate Institute of Queensland (REIQ) chief executive officer, Antonia Mercorella, who at certain points called the tax a “rare beast” and a “slap in the face”, ultimately resulted in the scheme being placed on ice before its official abolishment in November, to the delight of many stakeholders.
Tasmania
In March, the island state’s government announced an increase to its tax-free threshold from $50,000 to $100,000 while simultaneously raising the upper tax threshold to $500,000 and decreasing the tax rate for land valued between $100,000 and $500,000 by 10 bps to 0.45 per cent.
The government also introduced its own stamp duty reform in March.
Victoria
The year that saw the Andrews government win re-election in its penultimate month began with a proposition from the Labor Party to impose a tax on newly built developments with three dwellings or more in an attempt to provide funding for social housing initiatives.
ACT
The ACT government moved to implement the Residential Tenancies Amendment Bill 2022, which includes a ban on no-cause evictions, rental bidding, and changes to support the introduction of minimum standards for rental properties. It was slammed by the territory’s top real estate body, which labelled it “irresponsible and careless.”
Moreover, the government passed a bill that, from next year, would see rental properties subjected to new minimum energy-efficiency standards.
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