Adrian Portelli’s Instagram before The Block finale hinting this was going to be his last season and he was “going out with a f**king Bang!” Picture: @adrian_portelli
Property tycoon Adrian Portelli will be paying more than $1.2m to the Victorian government after snapping up all five homes from the 2024 season of The Block.
The State Revenue Office could be getting as much as $876,950 in stamp duty and $332,182 each year in land taxes thanks to ‘Lambo Guy’, according to accountancy firm Mitchell Partners analysis.
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Mitchell Partners managing director Alan Mitchell said he had many clients who were selling up in Victoria and buying properties in Queensland or putting their money into shares because of the amount of taxes investors had to pay in this state.
“Even if the government winds (these taxes) back, property is a long-term investment, so if (investors) go by in Queensland, they’re not selling in Queensland to take advantage of the Victorian government reduced rates,” Mr Mitchell said.
Portelli waiting to bid. Picture: @adrian_portelli
“It’d be like turning around the Titanic, even if they wound back the rates, it’ll take five to 10 years to play out the damage that’s been done in the last two years.
“People are just saying, it’s all too hard, transaction costs, and you can go buy shares and there’s no stamp duty.”
He added that while the state government was writing new legislation and collecting money off investors, it would be short term because people will keep selling.
“They’ll get the land tax one year, but next year, they’ll exit the property market,” he said.
“The government’s going to have a shortfall in revenue in future years; this will have a long-term impact.”
It comes after Libertarian MP David Limbrick posted an a video last week saying the real winner of The Block would be the State Revenue Office.
Mr Limbrick believes taxes are one of the biggest reasons there is a housing problem in Victoria.
Mr Limbrick said one of the reasons there was housing problems in Victoria was because of government interventions — the biggest being taxes.
“We have a vast array of different taxes; stamp duty, land duty, land tax, short-stay tax now and all of these other taxes, and that feeds into the cost of a house,” he said.
“My view is that if we want to make houses more available and more accessible to more people, we need to lower taxes.”
It follows the Allan government’s recent announcement that they were introducing legislation to slash stamp duty on eligible off-the-plan apartments, units and townhouses for 12 months.
However, Mr Limbrick said he planned to propose an amendment in parliament this week to try and make it permanent.
“I think that will have a have a significant effect over the longer term for new properties,” he said.
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sarah.petty@news.com.au
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