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“But, replacing stamp duty with another form of tax, such as a broad-based land tax or death duties is also not supported,” Mr Dowling said. “A broad-based land tax including the family home would ultimately become a tax on tenants and it would reduce investor interest in Queensland. “Death duties should also be taken off the negotiating table, and any talk of abolishing negative gearing should cease immediately.” The exclusion of any of these proposed policy changes from the recently announced Queensland state budget may be an indication that the Government does not intend to take such matters any further. Mr Dowling feels the lack of State Government action on new land releases is stifling the market. “The land segment is suffering as a result of high development costs,” Mr Dowling said. The Queensland Government has just put a clamp on head works ($28K per block) but developers say they have not touched the water rates and that adds another $25K on top of that, so effectively it costs around $50K to develop a single block of land which is discouraging for investors. - copy ends – Issued by: First National Real Estate. For further information or to receive a copy of the 2011 Property Outlook, Geoff Dowling, from First National Metro, on 07 3840 5920

South Brisbane QLD  

South Brisbane QLD - Media Release