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Australia’s peak property group has praised the NSW government for using “surging stamp duty revenues” to fund infrastructure.
Property Council of Australia executive director Glenn Byres said this week’s state Budget had taken advantage of a “thriving property market” to position NSW for growth.
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"Surging stamp duty revenues have given NSW the freedom to invest in new infrastructure that will improve the productivity, mobility and sustainable growth of our cities and regions,” he said.
"Spending across major projects and basic urban infrastructure to support new housing is a good blend.”
Mr Byres said the Budget had been underpinned by a rise in stamp duties from both the residential and commercial market, which again proved the importance of the property industry.
“But like all state Budgets, it is exposed to any downturn – with 24 percent of all state tax revenue coming via transfer duty,” he said.
“It reinforces the case for a fundamental overhaul of taxation and we hope a mature debate follows about all options. Continued dependence on property taxes is not sustainable long term."
Meanwhile, Real Estate Institute of NSW president Malcolm Gunning said the government had made a mistake in not reintroducing the First Home Owner's Grant for existing properties.
“The NSW government is not taking advantage of the large number of properties that are on prime real estate and in urgent need of the care and enthusiasm first home buyers can provide,” he said.
[Related: Brokers unimpressed by changes to grant]
