Dumping stamp duty tops REIQ election wishlist

THE abolition of inefficient property taxes such as stamp duty tops the wish list of the REIQ in the lead-up to the Queensland Election.

As the peak real estate industry body, we also support incentives to generate more transactions and turnover, which will pave the way for further growth in the sector.

The real estate industry is vital to the state's prosperity and that's why we are challenging the state's political leaders to introduce the following reforms in Queensland:

  •  Abolition of stamp duty on property transactions;
  •  Reinstatement of first-home owner grants for existing housing; and
  •  Allowing first-homebuyers to access their superannuation to purchase a property.

Rental, hiring and real estate services contribute more than $8 billion a year towards Queensland's gross state product, supporting almost 50,000 jobs.

That's why real estate reform needs to be at the centre of political debate throughout this year - and we will continue to lobby Queensland's lawmakers in pursuit of our reformist agenda.

Stamp duty is a regressive tax - it imposes additional costs on property transactions, thereby discouraging turnover of housing and distorting choices between renting and buying.

It also distorts choices between moving house and renovating and can deter labour mobility for those changing jobs, resulting in reduced investment in the property market.

The REIQ also wants to see the first-home owner grant for existing housing reinstated, so that incentives exist for new and established housing.

First-home owner grants are an important form of financial assistance and there's no sound basis for the preferential treatment that exists for buyers who purchase newly built properties.

We want to encourage younger Queenslanders to realise their dreams of home ownership by allowing them to access their super for this purpose.

Allowing them to access super, provided it's paid back within a specified time, is a step in the right direction.

Antonia Mercorella is chief executive of the Real Estate Institute of Queensland

Topics:  property queensland election 2015 reiq stamp duty

Bankruptcy climbs in Gladstone

GLADSTONE residents are struggling to pay their debts.

Investors eye new Agnes estate on the market

A new estate, Aquatic Vista, has opened at Agnes Water.

AGNES real estate boom as agent sells $20m of property in two months

'Keep fighting': Almost $70k for Agnes Taipan victim

Eli Giles, 2, pictured with his mum Brittany at the Lady Cilento Children's Hospital after waking up from sedation.

A groundswell of support is behind the Agnes Water family.

Local Partners

Tom Cruise credits success to Scientology

Tom Cruise

Tom Cruise credits his success to Scientology

Hacksaw Ridge leads AACTA Awards nominations

Andrew Garfield and Teresa Palmer in a scene from the movie Hacksaw Ridge.

MEL Gibson's wartime drama opens in cinemas next week.

ABBA to reunite for virtual live experience


ABBA have confirmed they are to reunite - in virtual reality form

Hugh Laurie receives star on Hollywood Walk of Fame

Hugh Laurie on the Hollywood Walk of Fame

Hugh Laurie and his star on the Hollywood Walk of Fame

Blake Lively hosts 40th party for Ryan Reynolds

Blake Lively throws husband Ryan Reynold's 40th birthday bash

What's on the big screen this week

Benedict Cumberbatch in a scene from the movie Doctor Strange.

MARVEL'S latest superhero Doctor Strange makes his debut.

Investors eye new Agnes estate on the market

A new estate, Aquatic Vista, has opened at Agnes Water.

AGNES real estate boom as agent sells $20m of property in two months

OPINION: Banks fear Gladstone future: Councillor

REGIONAL Queensland deserves a helping hand on housing.

Bank reclaims Goondoon St complex plan, places on the market

Multi-million dollar development plan up for sale.

MULTI-MILLION dollar plan for Goondoon St complex on the market.

Tough times in CBD: Woolies says goodbye Ipswich

Woolworths in the Ipswich Mall.Photo: Rob Williams / The Queensland Times

The last day of trading will be January 1

Coles to pay new owner of Tannum servo $320K

UP FOR GRABS: Expressions of interest in Tannum's new service station, which will house the new Coles Express, closed this month.

INVESTORS bid for new Tannum service station under construction.

Look at me! Kath and Kim home up for sale

Kath and Kim from the iconic Aussie TV series.

'Crack open the Baileys and grab a box of BBQ Shapes'