More than one-third of home-owners who have their homes appraised by a real estate agent will not go through with the sale because of high government costs, an LJ Hooker survey has found.
Head of research at LJ Hooker, Mathew Tiller, says stamp duty is sti ing sales. “The cost of change is the biggest deterrent for home-owners when deciding whether to list their properties,” he says. “It’s about home-owners looking where they’re going to buy next and how much it’s going to cost.”
Tiller says the state government charge should be abolished or reworked to free up more stock in the market to increase supply, as a way of reducing prices.
“We asked people: if stamp duty was lower, would you list? And 50% said yes,” he says of the survey’s 2,700 respondents. “We also asked: if stamp duty was abolished would you list? And 61% said they would.”