PROPERTY analysts have recommended stamp duty taxes on new homes be waived entirely to encourage families and workers to move to Wagga.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
While the city’s median property sale price sits at about $325,000, abolishing stamp duty could “take off $20,000” and entice people to make a tree-change, according to a real estate leader.
Fitzpatrick real estate director Richard Fitzpatrick said stamp duty should be abolished on all new properties to enable growth.
“I wholeheartedly agree there should be no stamp duty component for all new constructions,” he said.
“There could be around 100 new homes (a year) where this would apply, and it would potentially knock $20,000 off the cost of each.
“It would certainly encourage new buyers to come to Wagga if they don’t have to pay the extra taxes.”
The calls come after Wagga’s population grew by 740 people in the last financial year, but the Housing Industry Association (HIA) said this number could be significantly boosted if stamp duty is scrapped.
Wagga’s representative at the HIA Greg Weller said he would like to see the state government make an exemption allowing residents in regional areas to have stamp duty waived.
“Stamp duty is a penalty on someone buying a home and it discourages people from moving houses or relocating for a job opportunity,” he said.
“If the state government looked at areas like Wagga and gave people incentives like this to move here, it would boost the city’s growth.”
During the last financial year, 1026 houses were sold in Wagga, a significant jump from the previous five years.
The average days on market for houses in Wagga was 144 days, which was a 20 per cent decrease from the year before.
The Daily Advertiser attempted to contact Wagga MP Daryl Maguire but he could not be reached for comment.