Market Update 28th April 2020
By | 28th Apr 20

The Melbourne property market has adjusted to the new way of doing business with the Corona Virus climate. There are less buyers in the market and there are less run away results compared to pre the Corona Virus environment. The market has returned to a buyers’ market like we saw from September 2017 through to May 2019 before the election.

In an interesting update, there is talk that the State Government may remove a the Stamp Duty fee and replace it with an annual land charge, similar to council rates. I believe this will just add another tax or fee to property owners and it will affect low income earners and retirees most. It will also be a case of double dipping if myself and other property owners you have already paid stamp duty you will then not be happy to pay a further fee of $5,000 - $10,000 annually.  I would recommend looking at a system of increasing the GST to 11% or 12 % and this extra percentage is shared across the board rather than burdening property owners further as they already pay enough taxes.