Reinsw Welcomes Stamp Duty Budget Initiatives But More Still Needs To Be Done

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8th June 2010, 06:48pm - Views: 560





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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








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