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Budget initiatives will help but the government needed to go further
“There is no doubt that the 50% reduction in stamp duty for new homes is welcome but it simply doesn’t go far enough,” said REINSW President Steve Martin.
“This initiative will help investors and home buyers as well as creating new jobs in NSW through the construction of new properties.
“These are all good things however we would question why the initiative has been limited to only new properties valued at $600 000 or less.
"An across the board cut in stamp duty applying to new and existing property in both the residential and commercial sectors would have really delivered the economic stimulus needed here in NSW.
“That way we would have seen NSW attract investment not only from within the state but also from across Australia; we would have become the state of choice for investment.
“The decision to continue the $3000 first home owners’ boost for another financial year is welcomed and will assist in creating more activity in this sector of the market.
“Today’s budget has delivered some good news but certainly didn’t go far enough to deliver the kick start needed by the property sector,” said Mr. Martin.
Please direct media inquiries to Julian Brophy on 0408 276 749.
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