The REINSW says policies being considered by the NSW government to improve housing affordability for first homebuyers is a step in the right direction.
Foreign buyers account for 11% of all NSW home sales
Between July and September 2016, foreign nationals accounted for 11 per cent of all NSW residential property sales, compared with first-home buyers who accounted for only 7.51 per cent.
The state government must reduce stamp duty for older Australians who are downsizing, and provide incentives to encourage people to move to regional towns, says John Cunningham, president Real Estate Institute of New South Wales.
“We look forward to working with ministers Roberts and Upton to deliver homes, workplaces and communities that are more affordable, efficient, sustainable and liveable,” says Romilly Madew, CEO of the Green Building Council of Australia.
LJ Hooker identifies the construction of more affordable housing, the removal of stamp duty, and decentralisation of government are three measures government can take to address the deterioration in housing affordability.
New premier means time to review stamp duty, says REINSW
The Real Estate Institute of New South Wales is calling on the newly elected premier, Gladys Berejiklian, to review the state's stamp duty settings, which have been in place for 30 years, and to introduce a number of other measures to improve housing supply and affordability.
