HIA calls for review of housing taxes

Thursday 29 September 2011

Article by Mozo

The Housing Industry Association (HIA) has called on the government to review the taxes levied on the property sector, home loans customers may be interested to learn.

Housing taxes 'need reviewing'

Shane Goodwin, managing director of the organisation, observed that the tax on a median new property in Sydney is more than $260,000.

"It's clear the type of impact this is having in terms of decreased affordability and constrained housing supply," he stated.

A report conducted by the Centre for International Economics revealed that new housing is one of the most heavily taxed sectors in the country.

It observed that the majority of the burden falls on homebuyers and that some such as stamp duty are "major impediments to labour mobility and productivity".

This comes after a study by the Australian Housing and Urban Research Institute found that financial pressures mean only one in 40 Generation Y Aussies think they will own their own home when they retire.

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