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South Australia was the first Australian state to introduce a land tax, based on the unimproved capital value of land, in 1884. [6] [7] In 1910, George Allen (first secretary to the Treasury) founded the Land Tax Office to service land taxes at the federal level as a form of wealth tax and as a means to break up large tracts of underutilised land.
One real estate agent estimated the Zammit property value to be just shy of $50 million Australian dollars ($33 million) in new developments, Australia's 7News reported in March of last year.
The Australian property market comprises the trade of land and its permanent fixtures located within Australia. The average Australian property price grew 0.5% per year from 1890 to 1990 after inflation, [1] however rose from 1990 to 2017 at a faster rate. House prices in Australia receive considerable attention from the media and the Reserve ...
Property legislation in all states is grounded upon the Torrens principle of registration of title. [1] This posits that each state has a central register of all land in the state and that the register also shows the 'owner' of the land. This system was devised to reduce the amount of fraud relating to land due to the falsification of title deeds.
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Property Law Act 1958 [10] Sale of Land Act 1962 [11] Australian Capital Territory: Civil Law (Property) Act 2006 [12] Civil Law (Sale of Residential Property) Act 2003 [13] Queensland: Property Law Act 1974 [14] Land Titles Act 1994 [15] Northern Territory: Law of Property Act [16] Land Title Act [17] South Australia: Law of Property Act 1936 [18]
Home ownership in Australia is considered a key cultural icon, [1] and part of the Australian tradition known as the Great Australian Dream of "owning a detached house on a fenced block of land." [ 1 ] [ 2 ] Home ownership has been seen as creating a responsible citizenry; according to a former Premier of Victoria : [ who?
In South Australia, the act was substantially revised in 1886, and this version remains in force in South Australia. The Real Property Act 1886, updated 3 October 2019, has a long title "An Act to consolidate and amend the Real Property Act 1861, the Real Property Act Amendment Act 1878 and the Rights-of-Way Act 1881, and for other purposes".