Home' The Canberra Times : Chronicle 13.9 Contents THE CHRONICLE, Tuesday, September 13 2011 - 12
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O'Farrell's decision to stop stamp duty concession slammed
"It's a stupid policy that will
just make it harder for
people to get in to buy their
new home," -- LJ Hooker
THE State Government's decision to
dump stamp duty concessions for first
home buyers has been slammed by real
estate experts in the region.
LJ Hooker Queanbeyan director
Michael Dyer questioned why the
Government would want to stop a
program that had been working well.
"It's a stupid policy that will just
make it harder for people to get in to
buy their new home," he said.
"It's absolute stupidity."
From January 1, first home buyers
will no longer be able to save on stamp
duty costs -- anywhere from $7000 to
$20,000 -- for established homes under
$600,000. Concessions will still be
available for newly built properties,
including those that are bought off the
plan, in an effort to stimulate building
Mr Dyer said there were not many
new homes being built in Queanbeyan,
except for Googong.
"There's new apartments being built
but not everyone wants to buy apart-
ments," he said.
Ian McNamee and Partners director
Ian McNamee agreed the announce-
ment would have an impact on the
region's established property market,
but believed it would make potential
buyers consider new properties instead
and help boost the building industry.
"It would encourage more new
construction, and employment," he
"That would be one benefit there.
"Where you are at the moment with
it is that people have an option to take
"It's (stamp duty) an enormous
amount of money.
"It makes new properties very
attractive for that reason."
Saving on stamp duty has been a
popular incentive for buyers across the
border, but Mr Dyer believes this will
no longer be the case.
"There's no incentive for them to
come over to Queanbeyan now," he
"They'll stay in the ACT and see
what they can get from the ACT
Mr Dyer says the Queanbeyan rental
market will take a further hit as many
young people simply will not be able to
afford to pay for the tax on top of a
"Stamp duty to me is the most
despicable tax they can offer," he said.
"That $7000 (first home buyers
grant) will probably go to the stamp
duty now as opposed to helping them
with their deposit.
"I think it's just disgusting what
they've done to a lot of kids."
Building boom will start soon
A multi-unit development is about to be constructed behind Furlong House, which will also be restored.
Picture: Elesa Lee
CONSTRUCTION on a multi-
storey unit development in the
heart of Queanbeyan's CBD is
almost ready to commence.
All engineering plans have
now been submitted to Council
for approval of the develop-
ment, located behind Furlong
House on Morisset Street,
more than two years since the
first units went on sale.
LJ Hooker selling agent
Christopher Farmer said a new
builder had been employed and
all plans and information
Council required had now been
"It's currently with a town
planner and once that's been
given the tick of approval they
will then issue a construction
certificate," he said.
"Obviously it's a very com-
plicated site because it's on
Morisset Street, so there needs
to be traffic controllers."
Mr Farmer said the public
toilets next to Furlong House
would be knocked down and
relocated. The developers also
owned the land where the car
"It's a bit of a logistical
nightmare, but apparently
council has had the documen-
tation for the last 10
days ... we don't know how
long it will take [for Council to
approve], then the construction
certificate will be issued.
"The developer, the bank
and the builder met last Friday
in Sydney, so they're basically
ready to go as soon as Council
give it the final tick of
The eight-storey develop-
ment will consist of three
levels of car parking, followed
by five storeys of 42 one and
"It's a massive development
for inner city Queanbeyan,"
Mr Farmer said.
"There's been nothing on
this scale and height.
"It's going to really bring
Queanbeyan into the 21st Cen-
tury, as a more modern and
vibrant development. We will
get a vibrant inner-city feel
that we don't have here."
No work will commence to
restore Furlong House until
construction starts on the
"It doesn't need to be done
first, it needs to be incorpor-
ated into it," Mr Farmer said.
The front of the Georgian-
style 1850s building will be
restored, but half of it will be
The front entrance to the
complex will be behind the
Mr Farmer said he wasn't
sure what the house would be
like inside once it was finished.
More units will be released
for sale in the coming weeks
and Mr Farmer hopes the
project will be given the green
light next month. He expects
construction to take eight to 11
months and be completed in
the latter half of next year.
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