Developers Hail Bold SA Reform
Tasmanian works recently hailed by the government as the ‘biggest planning reforms ever’ were greeted with scorn by the property development and construction industry, which said the state had walked away from reform altogether.
In South Australia, however, the situation could not provide any more of a contrast. A pre-budget commitment from the government regarding stamp duty concessions has been hailed as a ‘bold tax reform’ that will stimulate CBD residential development and construction and a 12-month extension to the state’s first home-owners bonus has also been welcomed.
In a pre-budget announcement the state government claims will save homebuyers more than $30,000 when other bonuses are factored in, the state government has announced that stamp duty will be either lowered or removed for apartments in the Adelaide CBD or in North Adelaide.
Under the new measures, stamp duty will be abolished over the for the next two years for people who buy an apartment off the plan for any amount less than $500,000, while properties valued over and above this level will get a capped concession...