PropertyBuzz, your daily dose of property news.
Queensland’s property taxes under fire, social housing construction in the spotlight, and 5 Sydney suburbs where prices are expected to climb. Welcome to Property Buzz! Today is Wednesday, 29 May.
– The Queensland government has collected $3.5 billion more than expected from transfer duty receipts over the past three years, according to the Property Council of Australia.
– The council claims that taxes, fees, and charges make up one third of the cost of a new home in Queensland, leading to significant revenue for the government.
– The council argued that these high taxes could make the government’s “”Homes for Queenslanders”” plan unachievable, with the cost to get a foot on the property ladder in the state out of reach for many.
– The Property Council is calling for a reduction in housing-related taxes and for the government to invest the accrued revenue in a transparent way.
– Speaking of property taxes, and the Property Investment Professionals of Australia are also examining how property related revenue is being spent. The organisation says that governments have increased property taxes on private investors by 73 per cent since 2012 but failed to reinvest that in social housing.
– PIPA accused state and federal government of using private investors as scapegoats for the housing crisis and not adequately increasing the country’s social housing stock, which currently sits at 430,000 dwellings.
– In 2022-23, the Australian Taxation Office recorded $68 billion in property taxes, but PIPA stated only 1.4 per cent of total revenue was invested in housing and community amenities.
– PIPA criticises state governments for selling off social housing stock for profit, and highlights Victoria’s increase of only 74 social housing dwellings in four years, despite a waiting list of over 50,000 households.
– A new report has identified the Sydney suburbs expected to see above-average price growth over the next six months
– The suburbs were divided into five city sections based on current median asking prices: Heartland Sydney, Suburban Sydney, Rising Sydney, Professional Sydney, and Affluent Sydney.
– The suburbs that topped those categories were Kingswood, in Western Sydney where the median house price is currently $860,000, Parramatta, where $1.5 million is the usual price, Barden Ridge where houses usually go for $1.6 million, Dundas, in the north west with prices just over $1.7m, and Lane Cove, where the average asking price comes in above $3m
That’s Property Buzz for today. See you again tomorrow, 30 May, for your daily dose of Property Buzz.
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