It's apparently going to be used to protect buyers from fraudulent activity, they have first hand experience with Paluzzano.
The only fraudulent activity taking place is the BS that they are trying to pull with their ever increasing methods to get their thieving fingers on every last cent of our hard earned dollars. Sack the lot of them, or buy in NZ. I hear Wellington is nice this time of year.
Yep, actually pretty minor in the overall scheme of things BUT 3 comments:
1. If perception really is reality, then this may affect people's investment decisions. You'd think they would have learned with their introduction and then removal of the "vendor exit tax" from a few years back.
2. NSW is still way, way cheaper on stamp duty than Victoria on a same priced property
3. All this stuff (property taxes and duties) was supposed to be phased out after the intoduction of the GST. This is just a money grab.
This will affect developers buying large $ value properties more than anything. They already are struggling to get finance now. This won't help and will only serve to restrict supply further IMO.