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Families, investors and voters betrayed by Keneally's 'Grab for Cash' new tax
13 May 2010
“This ‘Grab for Cash’ by stealth will directly impact hard working home buyers and investors given the new tax rate kicks in well below the average Sydney House price of $600,000.
“This is a tax on the ‘Mortgage Heartland’ of NSW,” said REINSW President Wayne Stewart.
“Of the 50 local government areas in Sydney, 34 have average house prices in excess of $500,000.
"That means in hundreds of suburbs across Sydney alone, home buyers will get hit with additional fees of anywhere between $200 and $1000 for properties valued up to $1 million.
“What we are seeing here is the Keneally Government trying to claw back the GST handed back to the Commonwealth for hospitals the only way it can – by hitting property owners hard and fast.
“This is a retrograde step which will again make investors and potential buyers think again about purchasing in NSW.
“Worse, it hits Mum and Dad investors and home buyers with even higher taxes as interest rates continue to climb.
“REINSW condemns this action as a direct attack on the family home and on the NSW property sector,” said Mr. Stewart.
NSW versus QLD Comparison
- $600K - new total duty in NSW = $22,690 / QLD $20,025
- $800K - new total duty in NSW = $32,090 / QLD Duty - $29,025
- $1M - new total duty in NSW = $41,490 $1M/ QLD Duty- $38,175
Please direct media enquiries to Julian Brophy on 0408 276 749
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