Stamp duty is a demon

Stamp duty can be a big hurdle for first home buyers to get into the market adding costs of $30,850 in QLD, $40,305 in NSW and $55,000 in VIC for a $1,000,000 first home purchase.

I know each state has their own scheme that allows first home buyers to receive a stamp duty exemption but the thresholds are just too low for anyone to take advantage of them.

The average age of a first home buyer in Australia is now 36. Show me a family home that can be purchased in a capital city for less than $500,000 in QLD, $800,000 in NSW and $600,000 in VIC!

Stamp duty also prohibits retirees from downsizing to a property that’s more appropriate to their needs than a 5 bedroom double story family home. This in turn reduces the number of houses on the market for purchase by first home buyers.

Are you for or against scrapping stamp duty in favour of a smaller, annual land tax?