{"id":40793,"date":"2022-11-06T16:37:14","date_gmt":"2022-11-06T03:37:14","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=40793"},"modified":"2022-11-06T16:37:14","modified_gmt":"2022-11-06T03:37:14","slug":"why-the-reiv-big-wig-does-not-own-his-home","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/why-the-reiv-big-wig-does-not-own-his-home\/","title":{"rendered":"Why the REIV BIG WIG does not own his home"},"content":{"rendered":"

PHOTO: Homeownership is not for everyone. FILE<\/strong><\/p>\n

According to realestate.com.au<\/a> most people are surprised to learn that the boss of a powerful real estate industry group doesn\u2019t own his own home, but instead rents it.<\/strong><\/p>\n

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When Quentin Kilian made the revelation during a recent speech at a property forum, there were more than a few shocked murmurs throughout the room.<\/p>\n

And the reason the Real Estate Institute of Victoria chief executive isn\u2019t interested in purchasing a pile of bricks in Melbourne is one many would-be buyers can appreciate.<\/p>\n

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Real estate bigwig Quentin Kilian doesn’t own his own home – and there’s a six-figure reason why.<\/strong><\/em><\/p>\n<\/div>\n

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\u201cMy wife and I are at the age where we don\u2019t necessarily have to own a house,\u201d Mr Kilian told realestate.com.au.<\/p>\n

\u201cWe looked at buying a home here in an area we\u2019d like to live in, and it would set us back somewhere in the high one-million to early-twos range. Now, we can afford that, absolutely, but then we\u2019d have to cough up $80,000 to $100,000 in stamp duty.<\/p>\n

\u201cI just find that obscene. I truly do \u2013 I\u2019m not going to give the government up to six figures for nothing.\u201d<\/p>\n

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Is it time for stamp duty reform?<\/strong><\/p>\n<\/div>\n<\/div>\n

Stamp duty is\u00a0a major barrier to homeownership for many Australians, from first-home buyers who have to cough up an extra amount on top of a hefty deposit, through to upgraders and downsizers.<\/p>\n

\u201cStamp duty is a massive stymie on mobility,\u201d he said.<\/p>\n

\u201cTake people in my age bracket whose kids have grown up and moved out. They don\u2019t need a huge family home anymore and want something more comfortable that\u2019s lower maintenance, so they look at downsizing.<\/p>\n

\u201cBut then after selling, they\u2019ve got to buy another placed and cough up $50,000 or $60,000 in stamp duty, for nothing. Why would they bother? Who wants to do that? So, they stay put.\u201d<\/p>\n

That reduced mobility within the market means the historical \u201clife cycle\u201d of properties becomes less common, he pointed out.<\/p>\n

\u201cIt used to be that you\u2019d buy your first home which is small and within your low budget, then you upgrade when you have kids, then perhaps again later to live in your dream home, then you downsize later in life.<\/p>\n

That\u2019s a natural cycle of a home and it aids supply in the market. We make the best use of the dwellings that exist. But we\u2019ve stopped doing that and stamp duty is the culprit.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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