INDUSTRY NEWSNEWSNSW

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.

Opposition Leader Chris Minns has revealed a $772 million plan to abolish stamp duty for homes under $800,000 and expand concessions to homes worth $1 million.

In comparison, the government’s first-home buyer policy offers exemptions for homes under $650,000 and concessions up to $800,000.

According to the Australian Financial Review, Labor’s thresholds copy the extensions to stamp duty concessions former premier Gladys Berejiklian temporarily introduced during the pandemic.

Mr Minns said the plan would reduce or remove stamp duty for a further 46,500 potential home buyers over three years.

“I understand the stress of trying to purchase your first home. I want more singles, couples and families realising this dream,” Mr Minns told the AFR.

“What I will not do is saddle first home buyers with a new, yearly tax bill that increases every year.”

If NSW Labor is elected, Mr Minns said he would immediately scrap current Premier Dominic Perrottet’s First Home Buyer’s Choice policy, which offers first-time buyers a choice between stamp duty and a smaller, yearly, property tax on homes valued at less than $1.5 million.

That policy, which starts on January 16, is tipped to cut about two years off the time it takes an average first-time buyer to save a deposit.

The AFR said NSW Treasury data also showed buyers would be better off choosing the annual tax for up to 36 years on a $800,000 apartment, and 28 years for a $1 million townhouse.

NSW Labor has also vowed to shake up the way pets are considered in rental properties.

If they win the March 25 state election they plan to introduce a rule where landlords will have 21 days to respond to a request for a furry friend from tenants.

The request will be automatically approved if they don’t respond in that timeframe.

Landlords could refuse a pet request under the proposed law, but they would need to provide a reasonable excuse for not saying yes.

Mr Minns told The Daily Telegraph a lack of pet-friendly rentals posed a significant barrier to many tenants finding a home.

“Just because a person lives in a rental, it doesn’t mean they can’t make it a home, and for so many people renting across our state that includes a family pet,” he said.

“Under NSW Labor the rules will be simpler and fairer for both renters and owners.

“Labor’s plan will streamline the process and set a firm deadline so that renters can have more certainty.

“It’s clear the current rental system in New South Wales is far more complex than it needs to be, at a benefit to no one. At the core of our policies is a desire to make the stressful task of finding a new rental simpler.”

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Kylie Dulhunty

Kylie Dulhunty is the Deputy Editor at Elite Agent.

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