One of Australia’s leading housing market economists says NSW Labor leader Chris Minns’ expanded stamp duty extension will worsen housing affordability.
One of Australia’s leading housing market economists says NSW Labor leader Chris Minns’ policy to exempt first home buyers from paying stamp duty on properties under $800,000 will drive up prices.on Monday as the major parties gear up for the March 25 NSW state election, where Labor is hoping to boot the Coalition out of office after more than a decade in government.
The scheme applies to new homes and existing dwellings, with an estimated 46,500 expected to make use of the expanded concession in its first year.Mr Minns said 95 per cent of first home buyers would either pay no stamp duty or less stamp duty under Labor’s proposal. On a house valued at $1 million, this equates to a choice between an upfront payment of $40,090 or an annual fee of about $2200.NSW Treasurer Matt Kean said on Monday the Coalition’s land tax plan would shave up to two years off the time it takes a first home buyer to save for a home.
Dr Tulip said if either Labor or the Coalition wanted to improve housing affordability, they would enact policies to“I think it’s understandable that politicians do [first home buyer incentives]. But it’s a bad thing, and if they want to do something serious, they need to do something about planning reform and boosting supply,” he said.
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