The State Government should give first home buyers a Christmas present in the form of the reintroduction of incentives for existing properties, according to the Real Estate Institute of New South Wales.
REINSW President Christian Payne said now was the time for the NSW Government to act, as rising prices and increased turnover have combined to send stamp duty revenues through the roof and shoot the budget into surplus.
“With less than five weeks till Christmas, the state government should be ensuring that those looking to purchase their first property are being given the support they need,” Mr Payne said.
“We are approaching a very significant time where families come together to celebrate. It’s also a time of evaluation where life decisions and major changes can be made.
“Our fear is that many will visit friends and family outside the state over the festive season and reconsider their future in NSW due to their inability to purchase property here.
“The NSW Government must act now, before Christmas, to reintroduce incentives for first home buyers to get them into the market, as not acting quickly enough runs the risk of losing our best young people over the borders.
“The return to surplus announced by the NSW Government at the beginning of November means that the funding, which was largely provided by the property market with massive bracket creep on stamp duty rates in t