South Australia has rolled out its budget of $17.9 billion, sets to strengthen the real estate market and potential growth.

By Rishabh Dhall

Pledged to provide a reduction in land tax by 50% for eligible new housing market projects.

According to the state’s treasurer, Rob Lucas,” has promised a $10.7 million injection in land tax relief in 2021-2022 through the land tax transition for those taxpayers negatively impacted by changes to land tax aggregation rules”.

“The government remains committed to ensuring annual land tax relief from 2022-23 onwards from the land tax reforms is no less than the original estimated $75 million per year”, he added.

What it looks like, is to turn Adelaide into the most attractive place to invest in the whole nation.

The new data showcase the strength and resilience of the South Australian real estate market with a 20.60% increase from the same quarter last year. Not only buyers and sellers are coming into the market, but they are also much more confident and are prepared to pay more premium prices.

Adelaide holding a $518,000 median price in the last quarter again smashed through the record. Property market in Adelaide is strong and the most profitable market in almost a decade.

South Australia has positioned itself with all the social infrastructure benefits that will attract more investment, tourists, and world-leading activities. The way South Australia fought with COVID and re-emerged itself to become the 3rd most liveable city in the whole world is tremendous.

If we look at the big picture, there is something that is missing out and has not been discussed.

Most of the older South Australians feel like moving out of their house and encourage the new young generation to enjoy the beautiful surroundings and neighbourhood that they used to relish.

But seems like they are forced to remain in their homes because the cost of a downswing does matter.

What we are looking, is to boost the property supply, and seems like reducing or removing stamp duty is the only option for most of the residents to move out of the house.

Homeowners have already done their research and downsizing is costing them a lot of money to move to a new house.

So, we have seen plenty of pluses to boost the economy but still, budget have missed somewhere or the other.