In handing over its state budget earlier this week, the Queensland government made it clear that it does not plan to use stamp duty as an 'economic lever' like the ; recently made his peers from eastern New South Wales and Victoria.
According to Andrew Thompson, State Manager of Loan Market for Queensland, the decision is disappointing; He explained that as the nation's leading state in population growth during COVID-19, the choice not to grant stamp duty relief certainly seems to have a big impact on the recovery rate Queensland Economy.
"Refinancing soared in mid-2020, but the second half of the year was driven by funding for new purchases and investments," said Thompson.
Queensland, which attracted the most interstate migration of any state in the June quarter, according to data from the Australian Bureau of Statistics, prompted a wave of inquiries from mortgage brokers in the United States. Queensland's Loan Market; in the past 90 days, they have settled nearly 2,000 loans, an increase of 9.1% over the same period in 2019.
According to Thompson, brokers based in "lifestyle regions" like the Gold and Sunshine Coast are reporting a noticeable increase in activity as people explore more flexible work arrangements.
While Thompson believes that "the fundamentals are strong" for the Queensland real estate industry, he believes that a reform of the stamp duty would have made it easier "for buyers to enter or exit the market. modernize and generate more business for everyone from traders to carriers. Further contributing to the economic recovery of the state.
"The appeal of Queensland is clear, as our population continues to grow despite the lack of international migration," said Thompson.
"It is unfortunate that Queensland homebuyers do not enjoy the same real estate incentives described for their southern peers."
In November, the New South Wales government proposed replacing the original stamp duty with a smaller annual property tax, while the Victorian government temporarily offered a 50% reduction in stamp duty for the city. Buying new homes worth up to $ 1 million and a 25% off for those buying existing homes up to the same value.
Top suburbs:
Darlington
,
Flemington
,
West Rockhampton
,
Belmont
,
Newcastle
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