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Premier Kristine Keneally’s decision to extend the cuts to stamp duty for new homes will drive economic stimulus and help improve housing affordability in NSW, according to The Property Council of Australia (PCA).
In a statement released yesterday, PCA NSW acting executive director Glenn Byres said the stamp duty cuts posed long-term benefits for the property market.
“Stamp duty cuts are good for jobs in the short-term and good for housing affordability and the rental market in the long-term by encouraging construction of new homes and apartments,” Mr Byrnes said.
“Premier Keneally is right to extend the initiative as NSW needs to carefully navigate a path back to sustained growth,” he said.
PCA’s pre-Budget submission Kick Start NSW said a full cut to stamp duty on new homes would pull forward 8,000 new homes, support 16,000 new jobs and generate $1.77 billion in building activity.
“Sydney needs at least 25,000 new dwellings each year to meet the demands of inevitable growth,” Mr Byrnes said.
“Continuing stamp duty cuts now mean we can continue to bring new supply back into the market and make buying or renting property more affordable.”
Other PCA recommendations to improve market activity included stamp duty exemptions for properties bought off-the-plan and tapering the stamp duty cut for properties valued over $600,000.
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