Stamp duty reform to 'reignite interest' in SA residential property
A number of benefits could be reaped by residential property developments across South Australia (SA), one industry group has suggested.
The Property Council of Australia noted that plans unveiled in the state Budget will lead to real advantages for inner-city living.
"Demand for apartment and multi-level residential living products has been pent up by tax treatments that disadvantaged these products against house and land packages," said the council's executive director of the SA division Nathan Paine.
He pointed out that by taking this disadvantage away, apartments are now put on a level playing field with buying land and other residential property.
As a result, it is more likely that targets for inner-city populations will be reached and that business conditions will be enhanced for new potential investors.
This follows results from the Property Council-ANZ Property Industry Confidence Survey, which indicated that many professionals anticipate good times ahead for the sector as a whole.
Confidence initially increased during the three months to March after a significant commercial property deal was signed between BHP Bilton for the expansion of the Olympic Dam.