[Real Estate Institute of Victoria spokesman Robert Larocca said Melbourne house prices were likely to remain broadly level for the rest of the year, although the Baillieu Government's expected 20 per cent cut to stamp duty in the state Budget today might entice more first home buyers to the market.
"First home buyers have vacated the market to a large degree, so we're hoping the proposed cuts to stamp duty will help bring some of them back," he said]
Cut 20% off the stamp duty, save yourself a couple of grand when buying your house worth about 9 times your annual pre tax wage! Should see the buyers rushing to sign up after that kind of incentive.
The last thing we need is more honey for the trap.
