Victorian state budget 2016 – property experts slam foreign buyer tax hike

The Age

Property experts have blasted the state government over its plan to hike stamp duty for foreign buyers, accusing it of discrimination and warning the move could undermine confidence in the local property market. Esther Yong, director of Chinese language real estate website ACProperty.com, has hit out at the state governmentÕs changes for being ridiculous and leaving offshore buyers uncertain. She was supportive of the foreign buyer tax, but said the jump from 3 per cent to 7 per cent was too fast and it would have been better for the stamp duty surcharge to be introduced at 7 per cent last year.