NSW expected to increase charges for foreign investors, help first-home buyers
With recent data showing that one in every 10 buyers in NSW is from overseas, the state government is expected to double the foreign investor surcharge, raising funds to help first-home buyers.
The 20% deposit and stamp duty required to buy a house in Sydney is $158,933, based on new CoreLogic data. That's equivalent to 20 years' worth of smashed avo.
Stamp duty charges are preventing owners from selling, limiting the housing stock coming to market, and putting upward pressure on prices, according to new research from LJ Hooker.
The REINSW says policies being considered by the NSW government to improve housing affordability for first homebuyers is a step in the right direction.
The proposed removal of OTP concessions for investors will represent the loss of a competitive advantage for Melbourne in a market that is increasingly facing national and global competition.
Make it easier for pensioners to downsize, says Property Council
Reducing transaction costs for the elderly could add 50,000 properties to the market and improve overall housing affordability, says Ken Morrison, chief executive of the Property Council.
Vic removal of stamp duty exemption for OTP buyers 'final nail in coffin'
The Victorian government's decision to scrap the stamp duty exemption for buyers purchasing off-the-plan could mean lower supply of new dwellings, sending prices and rents higher, says Sam Tarascio of Salta Properties.
How to get the most 'bang' from your renovations 'buck'
As property prices rise, more people are choosing to renovate their existing homes. David Wood of hockingstuart says renovations to the kitchen and bathroom and improving the garden deliver the greatest capital returns.