For the first time on record New South Wales is cash positive, therefore it is time to give back to the property market in the form of new first homebuyer incentives, according to the Real Estate Institute of NSW.
REINSW President John Cunningham said New Total State Sector Accounts figures show the final surplus for the 2015-16 financial year was $4.7 billion, $1.3 billion more than predicated in the June budget.
“General government sector net debt fell from $5.5 billion at June 30, 2015 to negative $57 million at June 30, 2016, which puts NSW in a cash positive for the first time ever,” Mr Cunningham said.
“We call on the NSW government to make amendments to stamp duty for first homebuyers.”
“A budget surplus, which has been created by the property market is the opportune time for the NSW government to make a difference in the lives of those trying to get on the property ladder for the first time.
“REINSW asks the NSW government to reduce stamp duty for first homebuyers by 50 per cent for the purchase of a residential property less than $1 million. We also urge them to provide the ability to pay the stamp duty over time.
“The NSW government must recognise that it is payback time for the property industry and amendments to stamp duty can only benefit our great state,” Mr Cunningham said.