The Andrews government is reportedly considering a major shake up to stamp duty which will make entering the housing market more affordable.
Home buyers could save thousands of dollars by electing to pay annual land taxes instead of the often large stamp duty fee, according to reports by the Age.
However, it has been widely criticised by experts for its impact on housing supply, labour mobility and the pressure it applies on those trying to crack into the market. Property Council of Australia Victorian Executive Director Cath Evans welcomes the stamp duty reform. Picture: Jake Nowakowski Under Victoria’s existing scheme, a homebuyer purchasing a home valued at $745,000 will incur about $40,000 in stamp duty.
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