State governments fuel land tax fire

Cash grab!

It would take far too long to post too many details here, but it seems that it's not only Victoria that's going in for wild increases in land taxes as part of a state government tax grab.

Updates this week from Queensland suggest land value increases of up to 60 per cent or more, with plenty of property owners now reporting a doubling in unimproved land valuations in only a few years. 

It's been on this trend for the past four years since the beginning of the pandemic. 

New South Wales also seems to be making up for lost time in this regard. 

State governments appear to be attempting to claw back some of the phenomenal waste of recent years through ratcheting up land taxes and rates. 

This isn't that surprising in itself, but it's also going to be manifested in fewer private landlords and more large rent increases to cover the shortfall. 

Other implications? 

Presumably we will see relatively fewer private landlords owning detached homes, creating a rental shortage for family-friendly rentals.

And we may also see more investors choosing to buy units, pushing up entry prices there.

But, in this market - with rental vacancies already at record lows - mainly it will mean higher rents.

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