REINSW welcomes stamp duty Budget initiatives but
more still needs to be done
8 June 2010
The REINSW has welcomed the NSW budget announcement to abolish stamp duty
for ‘off the plan’ purchases.
From July 1 for a period of two years, stamp duty will be eliminated for any
purchasers buying a home worth up to $600,000, before construction starts.
In addition, a 25% stamp duty discount will apply to homes worth up to $600 000
already under construction or newly completed.
Stamp duty will also be eliminated for the next two years for over-65s who buy and
move into a newly-built dwelling worth up to $600,000 provided that they sell their
existing home.
“REINSW welcomes the initiatives on stamp duty announced in the Budget”, said
REINSW President Wayne Stewart.
“The REINSW has been calling on the NSW Government for some time to deliver
incentives to reinvigorate the property sector.
“These initiatives will go some way to encouraging investors back into the market
however it is clear that much more needs to be done.
“NSW continues to be stuck in the grip of a rental crisis which is hurting renters
across the State because not enough is being done to encourage investment in the
private rental market.
“Further, the NSW Government continues to increase property taxes in the state
with the new Ad Valorem fee to generate $90 million per annum.
“Unfortunately, this is the same amount per year which media are saying will be
delivered in savings by today’s announced changes to stamp duty.
“The reality is that more widespread reductions in stamp duty would encourage
greater activity in the property market and generate more revenue for the State over
the longer term”, said Mr. Stewart.
Media Contact – Julian Brophy 0408 276 749
NEWS 
