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REINSW calls on NSW to follow Victoria’s lead on stamp duty

A decision by the Victorian Government to abolish stamp duty for first homebuyers for purchases below $600,000 should propel the New South Government to also meaningfully tackle housing affordability.

REINSW President John Cunningham said premier Gladys Berejiklian must put meaning behind her assertion that housing affordability is the number one priority for her government.

“Victoria has acted,” Mr Cunningham said. “It is time for NSW to step up and take a stand.

“NSW is now living in the shadow of our southern counterparts. We will lose our best and brightest if we do not match or better what Victoria has pledged to introduce.

“The clock is ticking and the government must act now before it is too late.”

Victorian Premier Daniel Andrews announced today that purchasers of properties between $600,000 and $750,000 will also receive a stamp duty concession applied on a sliding scale.

In addition, the Victorian government will establish HomesVic a $50 million program to co-purchase 400 homes taking an equity share of up to 25 per cent. Eligible applicants will include couples earning up to $95,000 and singles earning $75,000.

Regional Victoria was also given a boost on Friday with the announcement of a doubling of the first homeowners grant for regional Victoria. First homebuyers building new homes in regional Victoria will be entitled to $20,000 as of July 1 this year, up from $10,000 for new homes valued up to $750,000.

“NSW wound up its regional home buyers schemes in March 2015. This must also be put back on the agenda,” Mr Cunningham said.

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