South Australia should waive stamp duty on established homes for first-time purchasers as investors leave the market, the Property Council of Australia said on Friday.

South Australia, Tasmania and the Northern Territory remain the only Australian jurisdictions without stamp duty relief for first home buyers purchasing existing dwellings, ABC News reported. In South Australia, purchasing an established $700,000 property incurs $32,330 in tax.

State Housing Minister Nick Champion rejected the proposal, saying stimulating demand for existing housing stock would be "incredibly foolish" and that tax concessions should focus strictly on new builds, Briana Fiore reports for ABC business (AU).