A review of the tax system including stamp duty should be the first point of business for newly appointed premier Gladys Berejiklian, according to the Real Estate Institute of NSW (REINSW).
Institute president John Cunningham said former premier Mike Baird had taxation reform on his agenda.
“It’s time for his successor to deliver something back to property consumers,” Mr Cunningham said.
“A review of the tax system is necessary immediately.
“The NSW government has seen windfall after windfall in recent years and it is time to give back.
“We urge Premier Berejiklian to recognise that stamp duty has not been reviewed for 30 years.
“It’s time for a Premier to step in and take charge.
“We believe that Gladys Berejiklian has the potential to be the Premier who leads NSW into a future where property consumers aren’t being ripped off by outdated stamp duty brackets.
“Premier Berejiklian can lead NSW into a future were incentives for first homebuyers purchasing existing properties* are reinstated.
“We call on Premier Berejiklian, as leader of the NSW Government to reduce stamp duty for first homebuyers by 50 per cent for the purchase of a residential property less than $1 million.
“We also urge her to provide the ability to pay the stamp duty over time in what will help to ease the housing affordability crisis that we are experiencing.
“Premier Berejiklian and her government will see a $4 billion surplus for 2016–2017.
“By cutting stamp duty we are not asking government to reduce its revenue, to the contrary we believe, based on the experiences in other states, that a reduction in the stamp duty rate will generate additional market activity.
“To further support supply and affordability we call on the new premier to make amendments to planning laws, to bring back a SEPP (State Environmental Planning Policy) for dual occupancy. This will provide the middle ring suburbs of Sydney with part of the solution to this major issue.
“We look forward to working Premier Berejiklian and helping support those who choose to live in NSW, the nation’s best performing economy,” Mr Cunningham said.