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{{propApi.successMessage}} {{region}} Change locationVictorian Windfall Gains Tax to drive up regional house prices
Victorian Windfall Gains Tax to drive up regional house prices
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It is expected to add as much as $53,000 to the price of a housing lot in some areas of regional Victoria.
HIA is calling on both sides of politics to repeal the Windfall Gains Tax ahead of the state election.
Land prices in regional Victoria already surged by almost $50,000 in the 12 months to March 2022, and around $120,000 over the course of the pandemic. Regional home buyers have also been dealt another blow by the state government after they axed the $10,000 first home buyer bonus for regional buyers.
The Windfall Gains Tax will add further pain for regional home buyers, which will see 50 per cent of any increase in the value of land above $500,000 as a result of rezoning going straight into the government’s coffers.
The timing of this new tax couldn’t be worse. It will come into force as homes built using the recent Federal Government home buyer grants have been completed, and new home construction is declining. Home builders in regional Victoria are already bracing for the slow-down next year but this tax will make it harder to find affordable land to build on.
New home buyers, some of whom have been waiting patiently for more than two years for the market to settle to buy and build their own home, will be faced with rising land costs because of the new tax.
HIA’s Executive Director Victoria, Fiona Nield, said “the Windfall Gains Tax was counter to state government’s aim of growing regions and delivering improved affordability for home buyers.
“The new Windfall Gains Tax will place further upward pressure on the cost of land for new housing in regional Victoria which continues to be in acute short supply,” said Ms Nield.
“Rising land and housing costs will make it much harder for regional areas to attract and retain residents.
“The Windfall Gains Tax is only a windfall for the Victorian Government. For everyday Victorians, it’s a slowing of the state’s economy and a tax on Victorian jobs at the worst possible time.
“The Windfall Gains Tax is simply the wrong tax at the wrong time for Victoria.”
HIA calls for this unfair tax to be repealed.
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