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State and local governments have been called upon to reassess stamp duty thresholds in order to stimulate the sluggish middle tier of the property market.
While first home buyer incentives have provided a boost to the lower end of the market, RP Data national research director Tim Lawless, said yesterday that there needed to be more creative thinking about how to encourage investors and up-graders back into the market.
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“The middle market which is representative of the largest proportion of property sales receives no concessions whatsoever,” he said. “And for that matter nor do investors.”
Although now might seem like a difficult time to roll back potential revenue from “what is becoming increasingly weak budget positions” a reduction in duties would encourage more buyers into the market and increase revenue through increased volume, Mr Lawless said.
