Emerald Chamber of Commerce Inc

Chamber condemns Treasurer’s decision to impose increased new taxes for foreign buyers…..

Thursday 7 May 2015

The Emerald Chamber of Commerce condemns Queensland Treasurer Curtis Pitt’s decision to impose new taxes on property purchases by foreign investors.

Chamber President Victor Cominos said the decision will drive investors out of the Queensland market.

The property market in Central Queensland and in particular Emerald and surround area has stagnated and it will be a long time before it recovers particular if the current government policy is allowed to continue.

Mr. Cominos said, "According to statistics in 2014 there were $51 billion worth of residential sales, well below the peak of $73 billion in 2007". 

Additionally, taxes such as Stamp Duty increases on foreign investors, who are already being taxed and stymied at a Federal level, will only weaken and in some areas destroy the market.

“Foreign investors can only buy new property in Queensland, not established homes, and the supply to this sector of the market in some areas is very poor or non-existent", “It’s a fairytale that foreign investors are driving up property prices in Queensland, foreign investors are not competing with mum-and-dad purchasers for homes,” he said.    

With a third of Queensland’s population renting accommodation the supply of appropriate properties for both local and foreign investors is a must if there is to be stability in the rental market.

"The Treasurer by his action has indicated that his government doesn't welcome foreign housing investment in Queensland, particularly in new housing," said Mr. Cominos.

"Over the years the Local Government costs associated with new housing developments have risen exceedingly, causing the unaffordability that exists and in many cases working against mum-and-dad purchasers”.

“It is time to launch an inquiry into the affairs of Local Government in Queensland and in particular into their fees and charges”, said Mr. Cominos.

Disclaimer: Victor Cominos established his first Real Estate Agency 45 years ago.

 

This story has been brought to you by the Emerald Chamber of Commerce Inc.
(Ph: 07 4982 3444)