Search Results for: Dominic Perrottet
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OPINION
Andrew Cocks: Half-baked reform falls flat
For a policy that had done the media rounds when it was first put forward in the June Budget, NSW Premier Dominic Perrottet’s “affordability busting” land tax proposal for first home buyers garnered a lot of attention in the past week or so.
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Elite Agent
Queensland multi-jurisdictional land tax plan hits a hurdle
The Queensland Government’s plan to introduce a land tax that encompasses property in other states may have hit a snag, with New South Wales Premier Dominic Perrottet saying he won’t hand over the property data.
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NEWS
Thodey report recommends land tax, not stamp duty
NSW stamp duty should be replaced by land tax, according to a recommendation of the Thodey Report, which was released today. Instigated in 2019 by NSW Treasurer Dominic Perrottet and chaired by former Telstra Boss David Thodey, one of the draft report’s key recommendations is that broad-based land tax is more efficient and equitable than…
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Elite Agent
$10,000 grants to relieve NSW small businesses
Thousands of small businesses across NSW struggling to cope with the COVID-19 shutdown will receive grants of up to $10,000 under a new assistance scheme announced today by Premier Gladys Berejiklian, Treasurer Dominic Perrottet and Minister for Finance and Small Business Damien Tudehope. The NSW Government will put $750 million into the Small Business Support…
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INDUSTRY NEWS
First home buyers look to beat land tax deadline
First home buyers trying to avoid the new NSW Government’s reintroduction of stamp duty could risk paying too much for a home, according to a leading auctioneer.
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INDUSTRY NEWS
NSW Labor to shake up pets in rentals and stamp duty if elected
NSW Labor has hit the campaign trail hard, promising to extend first-home buyer stamp duty exemptions and make renting with pets easier if elected in March.
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NSW state government bans rental bidding
The controversial practice of rental auctions is set to be banned in NSW from this Saturday.
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INDUSTRY NEWS
House buyback scheme announced for Northern Rivers flood victims
Two thousand homeowners affected by this year's severe flooding across Northern NSW will be able to access a land buyback scheme and additional support to raise or flood-proof their homes under a new government scheme.
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NEWS
New program to unblock local housing backlog
The NSW Government has announced an $11.5 million Unblocking Homes Program that will help fast-track the delivery of tens of thousands of homes tied up in local council red tape.
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NEWS
NSW Government announces offer for first home buyers to swap stamp duty for ongoing land tax
From January 2023, eligible first home-buyers in NSW will be able to choose between annual land tax and the upfront stamp duty. The scheme, called First Home Buyer Choice, includes an online calculator that will help buyers compare their options. For properties with a purchase price of between $650,000 and $1.5 million, buyers will have the choice of a smaller…
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INDUSTRY NEWS
Controversial Queensland land tax shelved
The Queensland Government has shelved its controversial land tax, with the state’s peak real estate body saying the decision is the right one to make.
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NEWS
NSW Budget helps certain sectors of the property market
The NSW Government’s stamp duty reform, shared equity scheme and housing infrastructure boost are all positive starts but don’t stretch far enough to make a meaningful, long-term impact on the property market, according to industry experts.
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INDUSTRY NEWS
NSW Government announces trial shared equity housing scheme ahead of Budget
Teachers, nurses, police, single parents and older singles will be able to tap into a $780.4 million shared equity scheme to buy a home under a new NSW Government trial.
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Elite Agent
Andrew Cocks: Challenging time to be in government
Thomas Jefferson is quoted as saying, “The government you elect is the government you deserve”.
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INDUSTRY NEWS
NSW to phase out stamp duty and bring in land tax
NSW is set to move forward with plans to phase out stamp duty and introduce a land tax as a part of the upcoming pre-election budget. But real estate industry experts aren’t so sure the plan will benefit homebuyers. According to the Sydney Morning Herald, NSW Premier Dominic Perrottet will look to embark on significant reforms that will allow some…
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FLOOD RESOURCES
East Coast floods to affect vacancy rates
The floods in Northern NSW could impinge on the state’s already tight vacancy rates according to industry experts.
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INDUSTRY NEWS
Why airspace could be the big real estate trend of the decade
Where would Australia’s major capitals house an influx of new residents? According to strata property development specialist Warren Livesey, the answer could be airspace.
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INDUSTRY NEWS
Auctions and open homes can be held across NSW
Freedom Day arrived in NSW yesterday with some good news from the State Government in that on-site auctions and open homes can take place statewide. Minister for Better Regulation and Innovation Kevin Andrews said there was currently no restrictions on where a live auction or open home could be held. “The Public Health order notes that from 11 October there…
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New South Wales
Property Council of Australia welcomes NSW support packages worth $9 billion
The Property Council of Australia has welcomed state and federal business support packages for New South Wales (NSW) announced this week.
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Elite Agent
Stamp duty is a terrible tax – its evils are well understood: Property Council
This week, State Treasurer Tim Pallas announced the Victorian Government would be slashing stamp duty. It's not the wholesale removal of the tax that New South Wales — for home sales under $1 million only — at a rate of 50 per cent for new build homes and 25 per…
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NEWS
Auctions and opens are back for NSW
Treasurer Dominic Perrottet and Minister for Health Brad Hazzard said the relaxing of restrictions was a sign of the ongoing success in limiting the spread of COVID-19, but warned there was no place for complacency, with community safety and social distancing to remain an ongoing priority.“Choosing a home is one of the biggest decisions anybody makes, and easing the restrictions…
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INDUSTRY NEWS
NSW Government provides long-awaited clarity on rent relief for residential tenants
The six-month support package includes a moratorium on applications for forced evictions due to rental arrears for those financially disadvantaged by COVID-19, and new requirements for landlords and tenants to enter into negotiations over rental payments in good faith. Minister for Better Regulation and Innovation Kevin Anderson said an interim 60-day moratorium on finalising existing matters or making new applications…
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NEWS
NSW Government unveils $440 million land tax break to support tenants and landlords
NSW commercial tenants significantly impacted by COVID-19 will have greater protection from evictions with the State Government set to enact the National Cabinet Code of Conduct as part of a $440 million land tax relief package. The measures will apply to commercial leases where the tenant is in financial distress due to COVID-19, including but not limited to shops, cafes,…
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Elite Agent
Stamp duty: A bad tax that has to go
You have to look long and hard to find a notable figure who had a good word to say about taxes. One such person was US Supreme Court Justice Oliver Wendell Holmes Jr who in 1927 declared, “Taxes are what we pay for civilised society”. There’s plenty of truth in that statement, but who pays and how much is a…
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NEWS
Stamp duty labelled ‘government addiction’ as industry calls for reform
Calls for changes to stamp duty are starting to grow stronger after New South Wales Treasurer Dominic Perrottet put the federal government on notice to act on tax reforms. In a recently released report, an independent panel appointed by the NSW Treasurer looked at how NSW and the Commonwealth could work together to build a stronger economy. One of the…
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NEWS
Budget supports growing communities despite tightened purse strings
Treasurer Dominic Perrottet’s third NSW Budget delivers a record infrastructure spend, strong spending in health and education and a solid outlook for growth despite reduced stamp duty revenue, according to Property Council of Australia. A smaller surplus of $802 million in 2019-20 and averaging $1.7 billion in forward years, has produced a sensible budget, one that is a product of…
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INDUSTRY NEWS
NSW government announces changes to stamp duty
Calling it the “most significant reform in a generation” to stamp duty, the NSW government has announced that from July 1, 2019, the seven stamp duty tax brackets will move in line with the consumer price index. Indexing the tax to inflation will save the average property buyer $500 from the introduction of the move, with that amount to increase…
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INDUSTRY NEWS
2018-19 state budget wrap up: What it means for the property sector
With the majority of states (South Australia will need to wait until September due to their change in government) receiving their 2018-19 budgets, here’s how the property industry fared across the nation. New South Wales The second NSW budget handed down by Treasurer Dominic Perrottet had an aim to tackle transport, health and education projects, but left a lot to…
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INDUSTRY NEWS
Stamp duty boosts surplus for NSW Government
The massive surplus of $3.3 billion for the 2017-18 financial year announced today by NSW Treasurer Dominic Perrottet in his half yearly budget update is good news for the health of our State’s economy, yet this government’s reliance on property taxes to boost the budget bottom line is something that must change. “Treasurer Perrottet has announced a massive surplus and…
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NEWS
First home buyers are big winners of NSW budget at expense of foreign investors
First-home buyers are the big winners in NSW Treasurer Dominic Perrottet’s first state budget, which was delivered on Tuesday. In a budget that the Treasurer labelled the “envy of the Western world”, housing affordability was a key issue along with health and schools. The Treasurer said in his speech that part of the $4.3 billion housing affordability package includes strategies…
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NEWS
RBA may further curb foreign lending towards overseas investors
There is a possibility that the RBA could take further macro-prudential measures in stifling lending towards foreign investors in order to give more locals the much-needed break into its own housing market, particularly on the east coast of Australia. Referencing the 2014 macroprudential measures which included cap on investor lending growth and more prescriptive loan serviceability guidelines, Assistant RBA Governer…
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Elite Agent
NSW, you can’t dine out on stamp duty forever: Leanne Pilkington
Laing + Simmons Managing Director and incoming REINSW President, Leanne Pilkington has penned a cautionary memo to the NSW Government telling them, they cannnot continue to dine out on NSW stamp duty revenues – highlighting the issue of housing affordability in the state, particularly in Sydney. Here is the full release: MEMO TO NSW GOVT: YOU CAN’T DINE OUT ON STAMP…
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