Property investment boosted by legislation change
Stamp duty reforms passed by the ACT government on June 7 are designed to enhance property ...
Stamp duty reforms passed by the ACT government on June 7 are designed to enhance property investment across the territory - accelerating economic growth and boosting the housing market.
Under the new bill, the landholder threshold will be levelled at 50 per cent - equalising investments for companies and unit trusts.
Property Council international and capital markets executive director Andrew Mihno said the effects of the reform were already evident across the ACT.
"We are aware of property investments worth hundreds of millions of dollars that are now going ahead as a direct result of this measure," Mr Mihno explained.
Property Council ACT executive director Catherine Carter said the reforms would encourage people to purchase investment properties through a more streamlined process free of barriers.
"This will give unit trust investors the ability to increase their portfolio investment in ACT property by 30 per cent," Ms Carter said.
The new legislation will stop investors in wholesale trusts being liable for double duty and will also allow unit trusts to invest on equal grounds with companies.