The Queensland Government has come under fire for announcing a 15% to 20% stamp duty surcharge on residential properties in the state purchased by foreign buyers. The move follows similar tax hikes in Victoria and New South Wales, aimed at making sure “foreign purchasers… make a contribution to their delivery”. However, the Real Estate Institute of Queensland (REIQ) has said the surcharge could be “disastrous” for the local apartment market, where 3% of buyers are estimated to be foreign, while other industry experts have questioned the government’s definition of “foreign buyer”.
The Queensland Government has come under fire for announcing a 3% stamp duty surcharge on residential properties in the state purchased by foreign buyers. The move follows similar tax hikes in Victoria and New South Wales, aimed at making sure “foreign purchasers… make a contribution to their delivery”. However, the Real Estate Institute of Queensland (REIQ) has said the surcharge could be “disastrous” for the local apartment market, where 15% to 20% of buyers are estimated to be foreign, while other industry experts have questioned the government’s definition of “foreign buyer”.