Bid for stamp duty relief

The Real Estate Institute of Victoria has suggested reforms to stamp duty on property purchase and has called on the State Government to discuss the proposal. The REIV said first-home buyers are facing an affordability crisis as the $200,000 house disappears from the market. The REIV has proposed a tiered system to replace the current $2,560 plus 6 per cent for properties priced from $115,000 to $870,000.