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The Real Estate Institute of NSW is calling the state government to introduce a ‘pay as you go’ scheme for stamp duty to help first home buyers enter the property market.
According to the REINSW, the introduction of a ‘Pay as You Go’ stamp duty plan for first homebuyers would allow a staged payment plan of property transfer taxes over three years.
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This would enable payments to be staggered over time, reducing the burden of upfront stamp duty on top of a house deposit.
“Housing supply and affordability are the key issues facing NSW which need to be tackled head on in the upcoming State Budget,” REINSW president Christian Payne said.
“Planning controls are delaying the delivery of new housing stock that is urgently needed to meet the growing demand of thousands of people flocking to live in Sydney.
“As a result, housing affordability is being squeezed with many simply unable to afford their own home.
“Add the significant additional burden of stamp duty to the already high price of real estate in Sydney, and you have a market that is pushing the Australian dream beyond the reach of many.
“It is only through innovation that we are going to make inroads into these problems.”
Mr Payne said there is currently a real opportunity to deliver an innovative solution that will not only increase government revenue, but bring the Great Australian Dream back into reach for many young first homebuyers.
