Sunday September 24, 2006HOMES would be cheaper for Victorians under FAMILY FIRST’s housing policy to abolish stamp duty for all first homebuyers.
FAMILY FIRST wants Victorians to be able to afford their own home. Home ownership is the Great Australian Dream as it gives people stability and gives families security.
Increasing numbers of Victorian families are caught in the rental trap and are close to kissing their home ownership dreams goodbye.
Launching FAMILY FIRST’s housing policy in Melbourne’s western suburbs today, Victorian leader Cameron Eastman said the party wanted crippling stamp duty abolished for all first homebuyers buying homes to the value of $400,000.
Victorians buying a $300,000 home would save almost $14,000 while those purchasing a $400,000 home would save almost $20,000.
FAMILY FIRST’s policy will help thousands of Victorians buy their first home and start paying off a mortgage instead of being caught in the rentaltrap.
The Bracks government is drunk on stamp duty, reaping $2.5 billion in 2005/06 on property.
Stamp duty in Victoria is also much higher than other states. Victorians pay $19,660 stamp duty for a $400,000 home, compared to $13,490 in New South Wales and $6500 in Queensland.
Stamp Duty ComparisonProperty Price Victoria NSW Queensland $200,000 $7,660 $5,490 $2,000
$300,000 $13,660 $8,990 $4,250
$400,000 $19,660 $13,490 $6,500
Source: The Sunday Age, 3 September 2006The average house price, particularly in Melbourne, is beyond the reach of most couples, who are working harder than ever and dream of starting a family.
The latest Housing Industry Association figures reveal the median first home price in Melbourne was $355,900 and for the rest of Victoria $257,800.
FAMILY FIRST estimates the median first home price for the whole of Victoria to be $328,800.
FAMILY FIRST estimates its policy to abolish stamp duty for first homebuyers could cost the Government up to $500 million in lost revenue.
This is based on ABS data revealing that 32,905 first homes were bought in Victoria in 2005/06 and FAMILY FIRST estimating they all cost $328,800 (stamp duty would be $15,388).
Housing affordability will be a key issue for FAMILY FIRST in the Victorian election.
Other parts of FAMILY FIRST’s housing policy are:
• FAMILY FIRST wants the Government to release more land for housing and restore growth areas in the west, south-east and north;
• FAMILY FIRST wants increased Government funding for more public housing to take pressure off long waiting lists;
FAMILY FIRST launched its housing policy in Kealba at the home of married couple Scott and Jessica Amberley who are struggling to buy their first home. Scott, 35, works four days a week in a call centre while lawyer Jessica, 29, works for herself.
“It’s not just raising the money for a deposit, you’ve also got stamp duty and have to be able to meet repayments, which we can’t,” Scott said “We want kids and would love to have our own home first, but that’s not going to happen. We plan to have kids soon and that will put back our house plans by a few years.” Scott, who is FAMILY FIRST’s candidate for Keilor, said not having to pay stamp duty would make a huge difference.
Media inquiries to Cameron Eastman 0425 724 170
