Bloody comedians - the lot of them!
Australia is moving toward the US style land tax system, wait another 10-15 years see your rate bill and cry
.. Land tax for PPOR in US can run into 10-15K a year This is the most reliable way of collecting tax for local councils than stamp duty..no need for boom as long as people own home, we tax them as much as we can.
Canberra has started a 15-20 years slowly phase out period where they just collect land tax and no more stamp duty...from here on your rate/land tax will increase each year until no more stamp duty regardless of the market condition.... so get use to paying high rate in Canberra
the bigger the house/block the more land tax you pay and it goes higher and higher the larger the place....
No one dare getting rid of negative gear so a work around is tax more in land tax eventually to fill the negative gear gap.....as the hole in the budget get bigger....you can be sure negative gear holes will be cleverly filled with a different tax.
It is also a fairer tax system as rich people tend to own more land so they can afford more tax
Well our place in Canberra hasn't sold yet, hopefully the "confidence boost" is greater than the immediate impact of retrenched public servants flocking to the exits - I would really prefer not to be going through another correction cycle...
You gotta know when to hold 'em,
Know when to fold 'em,
Know when to flog it... for the best offer on open day.
I'm holding all my Canberra IPs. If the market softens I might even buy some more.
This might be a rude question, but how many do you have? I hope I haven't offended with my bearish concerns about our little place there. The way it's going, I might be sitting tight too. Not so sure I'd be keen to average down in Canberra with another.
9 properties across Canberra, Queanbeyan and Jerrabomberra.
Canberra always comes back, any slump will be temporary. In the meantimes, rents are still good.
