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The Property Council of Australia has applauded the South Australian government’s decision to extend stamp duty concessions for off-the-plan apartments.
Daniel Gannon, South Australia’s executive director at the Property Council, said the extension and its state-wide expansion would continue to stimulate the property and construction sector.
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“Property is a vital part of our economy and for every typical house that is built, it requires the use of 40 trades and sub-trades,” he said.
“If construction takes a hit, then jobs in South Australia will be lost.
“Budget stimulus measures like extending stamp duty concessions for off-the-plan apartments are strongly welcomed by developers, investors and particularly, first home buyers.”
Mr Gannon said the Property Council has fought long and hard for extending stamp duty concessions for off-the-plan apartments, and also to open them up along the urban growth corridors.
“While residential stamp duty abolition is the end game, this announcement is a positive step in the right direction for developers and buyers,” he said.
“After all, stamp duty on residential property transfers has increased by 537 per cent since 1995, which makes it harder for young people to get into the market and discourages older South Australians from downsizing.”
According to the Property Council, the property sector is South Australia’s largest single industry contributor to its economy, accounting for 10.8 per cent ($10.5 billion) of the state’s economic activity, as well as paying 56.6 per cent of the state’s taxes, local government rates, fees and charges.
The property industry is also South Australia’s largest private sector employer, paying $4.4 billion in wages. One in six people draw their salary directly or indirectly from property throughout the state.
[Related: PEXA to launch in South Australia]
