The state’s 800,000 new home push ignores tax measures that could free up existing housing stock – but that would mean a loss of lucrative stamp duty revenue.
A report by the state’s upper house last month
“A broad-based land tax would capture those people who were not downsizing out of larger homes because of the rising stamp duty impost and the potential impact to retirement savings.”, with too many – often older – people living in homes that are too big for their needs and which could be more efficiently used by larger households. Tax and policy settings prevent better use of this stock, which in Sydney alone has resulted in 600,000 empty bedrooms.
“In the greenfields where you’re living in a single detached dwelling, with 4-5 bedrooms, a broad-based land tax would be a price signal that says you’re consuming a lot of land compared with someone who lives in a townhouse where land value is higher but the share of land value is lower,” she said.“When you move out of the greenfields into an apartment in a much higher-value location the value of land does go up but you’re sharing that land value across more people.
“There’s a zero-sum game between the rise of landlords and the rise of renters,” Mr Williams said. “One creates the other.”“A land tax would encourage density,” Mr Williams said.
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