Double stamp duty for foreign buyers and reduce it for FHBs: Mark Mendel

Mark Mendel, CEO of iBuyNew, the largest facilitated market place for off the plan buyers in Australia, believes we should double stamp duty for foreign buyers.

The potential revenue increase should be used to reduce stamp duty for first home buyers (FHBs).

Mendel believes foreign ownership of Australian property is relatively inelastic.

“The application fee for foreign buyers does not go far enough in my opinion" said Mendel.

"We should look to double stamp duty for foreign property buyers and use this increased revenue to reduce stamp duty for first home buyers.”

“The current overreaction from many in the industry that the proposed application fee will affect foreign ownership of property in Australia is grossly misstated.

“From my experience, the motivation for overseas investors to buy property in Australia is to move funds into a politically stable economy.

"An additional application fee does not change this.” 

iBuyNew has sold over 400 properties worth over $170 million since launching and has over 1,500 apartments available.