The Property Council of Australia has supported both the New South Wales Labor and Liberal Party in their efforts to help first home buyers achieve their dream.
Property Council’s Acting NSW Executive Director Adina Cirson said t was pleasing to see both parties back Stamp Duty Reform.
“It’s great to see housing affordability and accessibility at the top of the major parties’ priorities ahead of the March NSW State Election,” Ms Cirson said.
“Stamp duty is an economically harmful and highly inefficient tax and it deserves to be on the chopping block.
“Stamp duty gives families less choice, restricts housing supply and is a handbrake on activity.
“While we welcome this announcement, NSW Labor should be cautious in seeking to abolish the land tax option for first home buyers without considering the need for broader property tax reform.”
Ms Cirson said the Property Council’s 2023 NSW Election Platform called on both major parties to work with the property industry to create an equitable, sustainable and efficient tax system that works for families and investors who are needed to ensure greater rental supply.
Recent polling, conducted by SEC Newgate Research, explored key issues facing communities across the GCC Six Cities and found housing was the key issue for voters ahead of the State poll.
Ms Cirson said the results reinforced the critical role housing and infrastructure played in the liveability of our cities and communities.
“When respondents were asked how they would rate their local area, all aspects of housing were clear outliers as the worst performing attributes,” she said.
Based on a rating out of 100:
- availability of suitable housing options for ‘people like me’ scored 50 per cent
- having a diverse mix of housing options for people at different life stages was 48 per cent
- availability of affordable housing for essential workers recorded just 32 per cent, and
- having suitable housing options for low-income earners was very low at 29 per cent.
“Make no mistake, the housing crisis is not some problem to deal with in the distant future. It is right here, right now, and it clear as both parties formulate their housing and planning policies and the economic impact of doing nothing is no longer an option.
“While it is great to have aspirational targets, what is needed by the next NSW Government is a plan to deliver on housing for all.”