Both major parties are hoping to appeal to voters with their competing stamp duty schemes but property experts say few buyers would actually benefit and housing prices could be pushed up.
abc.net.au/news/nsw-house-prices-could-rise-with-stamp-duty-changes/101838172Housing affordability is looming as a major battleground in the NSW election but experts have warned scrapping stamp duty could actually push prices higher.Labor released its competing stamp duty policy to take to the election on MondayBoth the NSW government and the opposition say they're determined to get more singles, couples and families into the housing market by altering the rules on when stamp duty is owed.
It's for properties up to $1.5 million or vacant land up to $800,000 and officially comes into effect on January 16.Both parties say their schemes leave NSW buyers better off but the experts aren't entirely convinced. And Sydney is still the most expensive place in Australia to break into the market; although the median price in many suburbs dropped by more than 20 per cent over the last year, according to Domain.Suddenly putting more money into the hands of buyers, who will in turn be able to make higher bids on houses, could push up property prices, according to policy coordinator Jesse Hermans from independent research institute Prosper Australia.
"It's like a leaky bucket in that so much of the subsidy is leaking back towards existing property owners."Property economist Cameron Murray also expects to see property prices climb thanks to a lighter stamp duty burden on buyers, but doesn't believe the increase will be dramatic.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NSW Police investing in health and wellbeing of officersThe New South Wales Police Force is making a multimillion-dollar investment in the health and wellbeing of officers. The Pulse program is designed to reduce the number of officers leaving the force and cut down suicides. If you or anyone you know needs help: Lifeline – 13 11 14 Beyond Blue – 1300 22 4636
Read more »
NSW woman forges career capturing 'fly-by' satellite images of spaceAn Australian software engineer is among the first people in the world to work with new satellite inspection technology to help manage the huge volume of objects orbiting the Earth.
Read more »
NSW government to ‘review’ proposal to make judges consider needs of children when carers seek bailBipartisan recommendation that would bring Australia in line with UN standards and is backed by advocates ‘noted’, but not supported
Read more »
'She's part of the family': NSW Labor unveils plan to help renters have petsLandlords in NSW can decline a tenant's request to have pets without a specific reason, but the opposition wants to change that if it wins next year's March election.
Read more »