UDIA welcomes apartment concessions announcement

South Australia’s development sector has welcomed the State Government’s announcement today to extend and expand stamp duty concessions for off-the-plan apartments as part of the 2016-17 State Budget.

Urban Development Institute of Australia (SA) Executive Director Pat Gerace said the UDIA has been urging the Government to continue stamp duty concessions for off-the-plan apartments, which will now be extended by 12 months until June 30 next year and include off-the-plan apartment properties across the state.

“We’ve been pushing the State Government to extend stamp duty concessions to outside of the CBD, so we’re pleased with this announcement,” said Mr Gerace.

“These stamp duty concessions will make apartment properties more affordable and help more homebuyers into the market. Importantly, it will also allow more choice for those who are downsizing or trying to get into the market but don’t want to live in the city.”

The UDIA called for the continuation of off-the-plan apartment concessions in its submission to the State Government ahead of the July 7 State Budget. It has also requested the Government remove land tax on undeveloped residential land, which would reduce the land tax impost that is ultimately applied to pricing when the land is eventually ready for purchase by homebuyers.

The UDIA is also calling on the Government to provide funding to establish proposed infrastructure schemes and an e-planning system by mid-2018 – as outlined in the recently passed Planning, Development and Infrastructure Bill 2015.

“There’s been good progress in recent times to reform the state’s planning system, so it’s important the Government provides the necessary funding to establish new initiatives such as infrastructure schemes and an e-planning system to help unlock new investment and generate economic growth,” said Mr Gerace.

Established in 1971, the UDIA (SA) represents the interests of the development industry in South Australia in collaboration with all levels of government. It represents around 200 businesses in SA and 4,000 nationally. As the fifth largest contributor to output in SA, the property development industry employs 56,000 people or 7% of the state’s total workforce, and accounts for almost $9 billion or 12% of Gross State Product.

For more information, visit www.udiasa.com.au.