Consumer News

NSW must follow Victoria on stamp duty

20 March 2017

By Tim McKibbin – REINSW CEO

The Victorian Government’s decision to abolish stamp duty for first homebuyers for properties under $600,000 must act as a catalyst for NSW to follow their lead.

Victoria has also provided stamp duty concessions applied on a sliding scale for properties between $600,000 and $750,000.

It has been over 30 years since the stamp duty was reviewed and a new review must be a priority for the government.

The NSW Government has said housing affordability is one of its priorities, action however speaks louder than words.

It is time to address this issue immediately or we will face the risk of our first homebuyers moving interstate to realise their dream of owning their own home.

The current stamp duty regime is unjust and unconscionable. Refusal to address this issue and profiteer by doing so is appalling.