Chapter 1: What is the main topic discussed in this episode?
It's the Real Estate Podcast across every state, city and town of Australia. And welcome to another episode of the Real Estate Podcast available on iHeartRadio every morning, also on Spotify and Apple and wherever you get your podcasts from. It is a Tuesday. Yes, Monday is behind us, thankfully, and it is the 26th day of July.
Now, if you're trying to save for a deposit in these challenging times, it's not an easy proposition, especially if you are a first home buyer. And banks now are starting to scrutinise even more than they would during a normal set of circumstances. And we can all agree that this is not normal. And the reason, of course, it's so hard to save is because of the increasing cost of living.
And it does beg the question, how can you save when everything is running against you? Well, coming up in just a moment, we're going to be speaking with Tanya Steinbeck about Western Australian stamp duty and some actions that her organisation is taking. Now, if you're celebrating a birthday today, happy birthday to you.
It is the 26th and you are sharing it with front man of the Rolling Stones, Mick Jagger. He's only two years off turning 80, 78 today and I've got to say I caught the Rolling Stones in concert back in 2015 by far and away the best concert I have ever seen by a long shot and Mick Jagger was bouncing around like a 16 year old on stage. Also celebrating their birthday is Sandra Bullock.
She's turning 57. Somebody that would have been celebrating today, very famous film director Stanley Kubrick. Unfortunately, he died back in 1999, just after he finished filming Eyes Wide Shut. And of course, Stanley also directed the film The Shining with Jack Nicholson. Grab your coffee and switch on your real estate breakfast every weekday morning from 6.30.
It's the main centre forecast with propertybuyer.com.au. All right, let's check on your weather around Australia. First, we go to Sydney where the rain is going to clear. Expect windy conditions and a high of 18 degrees. Melbourne, the rain is back with one or two showers and it's going to be cool with just 12 degrees.
Brisbane, it's going to be a sunshine Tuesday in 25 degrees and in Perth the rain is in your forecast and expecting a high of 19. From first home buyers to property investors and everything in between, every morning on the Real Estate Podcast. Well, there are different organisations that have joined forces to go head-to-head with stamp duty in WA.
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Chapter 2: What challenges do first home buyers face in Western Australia?
And their aim is very simple. Remove stamp duty. The Chamber of Commerce and Industry WA released its report, Stamping Out Stamp Duty. It's a great title. And saying that by doing so, it would radically help those who need it the most and the households on a lower income. And the report goes on to state that it would have an economic benefit and efficiency to the state.
So let's welcome in the Urban Development Institute of Australia, WA Chief Executive Tanya Steinbeck. Good morning, Tanya. Welcome to the Breakfast Podcast. Good morning and thank you for having me. So this is all just common sense, really. Whichever way you cut and slice it, stamp duty's really got to go. Oh, look, it does.
And it's one of those wicked problems, I suppose, that a lot of politicians have faced over the many years. And I think it's easier for them to stay away from it. It does form a significant proportion of state revenue. We understand that. However... It really does put a handbrake on people's ability to be able to choose the home that fits their need within the life stage that they're at.
We've seen the recent sort of results of the census come out and on census night over a million homes weren't even occupied. highly significant and I think what we need to be doing is facilitating and encouraging people to be transitioning between homes depending on what their needs are at the time and stamp duty just puts a huge disincentive in place to stop people doing that.
Yes, so stamp duty is a real hurdle, as you say, to leap over. And it's at that time when housing has this under-occupation on dwelling supply. You did mention that it's a high number. So just tell us a little bit more about that particular problem. Sure.
Well, look, I can certainly speak in a Perth context where the vast majority of housing stock or established housing stock that we have here in Perth is four by two homes. And what we need desperately is more one and two bedroom, either apartments or dwellings. And so because our stock is very much weighted towards the four bedroom, two bathroom property,
We're now seeing a significant level of under occupation with, you know, a single person rolling around in a three or four bedroom property because that's the majority of the stock that we have available. When we're in an environment where we have a severe skills shortage, we're trying to attract people back to the state as every other state in Australia is equally trying to do at the moment.
It's incredibly inefficient to have a significant number of homes that are under occupied to the extent that they are. And I guess to compound all of this, it does come at a time when it's really just a bit of a perfect storm with what is going on.
As you say, we've got this problem of very little housing choice, record low rental vacancy rates too, which is adding to the problem, a shortfall in established residential stock and serious delays to new construction. So you can see how much of a mountain of a problem that all is. Oh, it's incredible. We're not alone here in Western Australia.
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