The efficacy of an expanded land tax in solving Victoria’s housing crisis has been questioned after a week of attacks from the opposition.
This week, Treasurer Tim Pallas announced that Victoria’s vacant residential land tax, a charge on homes that have been unoccupied for more than six months, will be expanded across the state, including regional areas, from January 1, 2025.
There has been outrage over Victorian Treasurer Tim Pallas’ decision to announce the policy without consulting the property industry. Picture: NCA NewsWire / Andrew Henshaw “The implications are not that great in the sense that it’s not going to bring say more than 700 or 800 houses onto the market. From that perspective I’m not sure how effective this instrument will be,” he said.Victoria’s Property Council said it expected more than the government’s prediction of a few hundred property owners to be impacted by the tax.
“It’s building a lot of administration for what they state is a small number of homes, which really won’t shift the dial on the housing conundrum that we currently have,” she said. Mr Pallas blindsided the industry when announcing the tax at a breakfast just a week after the government signed an affordability partnership with the Property Council.
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