Force the NSW Government to address stamp duty

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NSW residents rank stamp duty as the number one obstacle to housing affordability*. It is the thief of the Australian dream to own a home.

Stamp duty tiers have not been updated for over 30 years. In fact, they are so outdated that they represent a median house price of $93,576.

Today, the median house price in Sydney is $985,000, attracting stamp duty tax of over $40,000. This creates a significant barrier to entry into the property market. It takes homeownership out of reach for many NSW residents and removes incentives for retirees to downsize.

NSW and Sydney are already the most expensive places in Australia to purchase property, yet stamp duty adds four to five per cent to the cost of every home purchased.

While the NSW Government recently announced it will index stamp duty tiers, it is doing so based on the tiers set in 1986.

This is a joke. And NSW homebuyers aren’t laughing.

The NSW Government is addicted to stamp duty revenue – and it’s no wonder considering the tax unfairly earned them over $8.4 billion in the last financial year. But it’s costing NSW homebuyers the ability to put a roof over their head.

REINSW believes stamp duty requires urgent reform.

As property owners, members of the property services industry and residents of NSW, we call upon the NSW Government to make buying a home in NSW more affordable by:

  • Revising stamp duty tiers so they align with the current price of property
  • Immediately removing stamp duty charges on GST and other government taxes
  • Offering stamp duty relief to over 65s who want to downsize

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*CoreLogic Perceptions of Housing Affordability 2017