Australian Property News
Unit tax slowing unit sales
Posted on Thursday, December 01 2011 at 4:23 PM
Canberra unit sales “are seeing a slump” after being hit by a higher change of use charge (unit tax), according to the Australian Capital Territory Opposition Leader Zed Seselja.
“Potential unit owners have been hit with an extra $50,000 per unit,” said Seselja.
He said there was a rush of development applications prior to the tax implementation and since this time the unit market has slowed.
As a result of this slowdown the ACT Government’s revenue projections have fallen short by more than $4 million, “showing the negative impact the tax is having on the property sector”, he said.
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