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A review of the tax system, including stamp duty, should be the first order of business for newly elected premier Gladys Berejiklian, the Real Estate Institute of New South Wales says.
REINSW President John Cunningham says it’s time for a premier to step in and take charge.
Mr Cunningham said the NSW government has seen “windfall after windfall” in recent years, and it is time to give back.
“We urge Premier Berejiklian to recognise that stamp duty has not been reviewed for 30 years,” he said.
“We believe [she] has the potential to be the premier who leads NSW into a future where property consumers aren’t being ripped off by outdated stamp duty brackets.”
Mr Cunningham said Ms Berejiklian should reduce stamp duty for first home buyers by 50 per cent for residential properties less under $1 million.
He also proposed a one-off 50 per cent stamp duty concession for those aged over 65 buying homes that cost up to $1 million.
“By cutting stamp duty, we are not asking government to reduce its revenue,” Mr Cunningham said
“To the contrary we believe, based on the experiences in other states, that a reduction in the stamp duty rate will generate additional market activity.”
Mr Cunningham said REINSW looks forward to working Ms Berejiklian to support those who choose to live in NSW.
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