Industry bodies condemned the Victorian budget’s decision to fund COVID-19 debt repayment through levies on second properties, raising close to $5 billion over four years, while stamp duty on commercial and industrial property is to be phased out. REIV chief Quentin Kilian said the change would drive investors away and push rents higher, noting that most Victorian owners held a single property. PIPA chair Nicola McDougall likened it to Queensland’s abandoned land tax plan.
Reported by
Kylie Dulhunty, Elite Agent, 23 May 2023
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