Calls for NSW to follow in Victoria’s footsteps and reduce stamp duty

Real estate bodies in New South Wales are calling for the state government to follow Victoria’s lead and introduce stamp duty discounts to boost the housing market.

Both NSW and Victoria have released their state budgets in the last fortnight, and have therefore been the subject to comparison and analysis, with NSW experts arguing that a thing or two could be learnt from Andrews’ Labor Government.

Real Estate Institute of NSW CEO Tim McKibbin said that, although the changes proposed in the NSW budget will be beneficial down the line, action is needed now.

“The NSW budget has done nothing to stimulate the housing market aside from proposing an idea,” he said.

“While we acknowledge that the reforms proposed require thorough consultation, and this takes time, stimulus is needed now,” said Mr McKibbin.

“The timing has never been more critical and it’s well-documented that an uplift in housing market activity delivers much broader economic benefits.

Real Estate Institute of NSW CEO – Tim McKibbin

The REINSW President went on to say that the NSW Government ought to take a leaf out of Victoria’s book and introduce a reduction in stamp duty as the property purchase tax is deterring buyers from purchasing property.

“The Victorian Government’s lead in significantly reducing stamp duty should be followed in New South Wales,” he said.

“It represents bold policy appropriate to the times which is capable of delivering real, quantifiable benefits to the economy,” said Mr McKibbin.

It is thought that stamp duty cuts would increase buyer activity, free up housing stock and boost the economy tenfold.

The challenge we face cannot wait months and years. It’s upon us right now. We need bold leadership right now.

Real Estate Institute of NSW CEO – Tim McKibbin

“It is accepted that whenever the rate of tax is reduced, market activity increases.”

“It’s like a retail sale. The profit margin on the sale items is smaller but more stock is sold, delivering an overall increase in profitability.

“By implementing stamp duty relief, the NSW Government has the opportunity to unlock similar activity on a larger scale and deliver broader economic benefits to the state.”

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