FOR IMMEDIATE RELEASE
1 June 2017
Support for First Home Buyers a Positive Move in NSW
Government’s Housing Package says HIA
The NSW Government released its housing affordability package today
with a strong focus on first home buyers, increasing supply and
infrastructure delivery. Stamp duty exemptions for first home buyers have
been welcomed by the Housing Industry Association, the voice of the
residential building industry.
“For two years HIA has been calling for a revision of the existing stamp
duty concessions for first home buyers” said Housing Industry Association
NSW Executive Director, David Bare. “Lifting the stamp duty exemption
cap to properties worth $650,000 with discounts on a sliding scale to
properties valued at $800,000 is a step in the right direction” said Mr Bare.
“The first home buyer stamp duty measures, initially introduced in 2012,
have simply not kept pace with increasing property prices in recent years
and HIA has been pushing for a full stamp duty exemption on properties
up to $750,000 which would be more impactful in the current market” Mr
Bare said “It is important to reassess these caps if they prove to be too
restrictive” he added.
It remains unclear what stamp duty concessions apply to vacant land in
the latest announcement.
The First Home Owners Grant remains at $10,000 which is low compared
to other states.
Additional funding of $2.145 billion for state infrastructure to accelerate
housing priority areas is a much needed investment.
“Delivering infrastructure in a timely manner to priority growth areas is
critical to maintaining dwelling supply levels and reducing delays” said
David Bare. “However the potential increases in developer levies could
adversely impact dwelling prices” he added.
“The Medium Density and Green Field Housing codes are also positive
measures for supply if they can be effectively implemented” Mr Bare said.
“The doubling of the foreign investor surcharges on stamp duty from 4% to
8% and land tax to 2% is a blatant tax grab that could backfire on the
NSW Government and negatively impact supply in a market that is coming
off the boil” said Mr Bare.
“Exempting those businesses unintentionally impacted by the surcharges
is appropriate and welcomed” he concluded.
For further information contact:
David Bare HIA Executive Director – NSW on 0418 924 127 or E: [email protected]
Lisa Harris HIA Communications Executive – NSW T: 99783326 or E:
[email protected]
For social media commentary from David Bare
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