Valuers use their experience to determine a valuation range
Property Council Executive Director Bryan Moulds said the West Australian Government had introduced the policy as a test case for all States and territories to follow in the next few months. The NSW Government has also confirmed it will also adopt the proposal. The Property Council has written to the State Government, asking them to rule out this insidious policy which has surfaced in Western Australia," Mr Moulds said.



This system will increase the cost of building a new home as well as potentially inflate rents for commercial property when the increased taxation burden begins to bite. That would particularly hurt young couples wanting to build a home for the first time as well as the thousands of small businesses that rent commercial property in South Australia.

This proposal attempts to gain a direct financial advantage from the GST system, despite the ACCC’s strict guidelines saying the full effect on any tax cuts must be passed on through lower prices, Mr Moulds said. The most critical thing to focus while purchasing another private or business property is the property estimation, which is not quite the same as the offering cost of the property. Furthermore, under the GST deal between the Government and the State Premiers, the states agreed to abolish all indirect taxes including stamp duties in return for a growing GST revenue base. The Property Council would hope the South Australian Government honours this agreement and rejects the stamp duty policy.

Furthermore, under the GST deal between the Government and the State Premiers, the states agreed to abolish all indirect taxes including stamp duties in return for a growing GST revenue base. The Property Council would hope the South Australian Government honours this agreement and rejects the stamp duty policy. Mr Moulds said, that while the overall vacancy rate in the CBD had risen slightly to 18.1% since the January survey, this was attributable to the impact of occupancy of the EDS building in the July figures. He said that the EDS tenancy, while a transfer from other stock in the city had actually been for greater space than they had previously occupied.

This continues a renewed interest in the western part of North Terrace following the university and Playford hotel developments that will be further strengthened with the redevelopment of the convention centre", Mr Moulds said. Mr Moulds said that other recent leasing activity such as major leasing deals involving Boral in No1 King William Street and further new tenants in EDS will flow through in the Property Council’s December figures.