The Real Estate Institute of Australia has a suggestion for keeping track of foreign investment.
The national body is pushing electronic conveyancing, or e-conveyancing, as a way to keep track of tractions involving foreign investment.
The Institute says Australia’s first national e-Conveyancing platform will be rolled out later this year with 85% of all property transactions over the next two years expected to be completed electronically.
According to the REIA, e-Conveyancing has the capacity to reflect the number of transactions involving foreign buyers and, therefore, may help improve monitoring and compliance activity.
The HIA hopes it will act as a regular barometer of stamp duty costs faced by average homebuyers throughout Australia.
HIA Senior Economist, Shane Garrett, says “In all but two of the eight jurisdictions, stamp duty will set buyers back at least $15,000 on a median-priced home.”
Interestingly, the group is pushing a novel move, suggesting that the stamp duty in a transaction should simply be invested into the buyers’ superannuation fund.
Garret also points out that “The use of funds in this way would have the added advantage of taking much of the retirement burden off the public purse over the longer term.”
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