The ACT government's expanded stamp duty concession is likely to incentivise downsizing, according to industry experts.
Canberra property experts hope an ACT government scheme to expand the stamp duty concession for off-the-plan properties will encourage older Canberrans to downsize, freeing up stand-alone properties for growing families.
The government said on an $800,000 purchase, a buyer could expect to be nearly $23,000 better off under the scheme.The move has been welcomed by Property Council ACT executive director Shane Martin who said he believed stamp duty was "an inefficient tax" that stopped people from buying a home. Mr Martin said the industry would like stamp duty phased out as soon as possible but the government has warned that scrapping it hastily was not financially possible.
"When we first began this initiative it started at $500,000 and it moved to $600,000, $700,000 now $800,000, and it will eventually move to $900,000, $1 million and beyond," Mr Barr said.Canberra's relatively high property prices mean buyers looking to take advantage of the concession will likely be looking at apartments and townhouses, rather than detached homes.
Mr Radnell said he believed previous government stamp duty concessions had worked to incentivise buyers.
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