With few signs of housing affordability improvements on the horizon, Tim McKibbin, CEO of the Real Estate Institute of NSW told ABC news on the weekend that modernising stamp duty brackets is long overdue.
The existing brackets have been in place for decades, meaning houses that were once considered to be in the highest brackets are now the bulk of properties on the market.
McKibbin told the ABC, “It’s been 30 years since this thing’s been looked at, and it’s long overdue. It’s unjust, inequitable, and unconscionable for the government to allow this to continue.”
NSW Treasurer Gladys Berejiklian announced on the weekend that tomorrow's budget will allocate $262 million from the housing acceleration fund to Western Sydney housing developments. The funding will support the construction of 58,000 new homes, and go towards road upgrades in Lidcombe, Blacktown and Camden.
“Building new communities and increasing supply is the best way to put downward pressure on housing prices,” she said.
“We have already seen record approvals under this government, and we will continue to work hard to increase supply,” she said.
Consensus emerging that stamp duty must go