Should seniors receive stamp duty concessions?
Forget stamp duty concessions for first-home buyers.
The answer to the housing affordability issue could be a tax break for empty nesters aged over 70 to allow them to downsize, says Angus Raine, executive chairman at Raine & Horne.
"Empty nesters are hindering the second-home buyer markets in our major capital cities because the stamp duty costs for them to buy a smaller property or a different location are too prohibitive," says Raine.
"Stamp-duty-free real estate transactions for older Australians will help address some of the current supply constraints that are cramping the real estate plans of many upgraders."
Leanne Pilkington, Laing+Simmons managing director and president-elect of the Real Estate Institute of NSW, agrees that making downsizing more viable for older people to free up stock could help improve affordability.
Pilkington says other options include introducing a government-backed savings scheme to help people accumulate a deposit and minimise the cost of mortgage insurance.