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REINSW seeking answers from NSW Premier
28 May 2010
The NSW Government’s proposed changes to the Residential Tenancies Act and the new ad valorem charge are vigorously opposed by the REINSW.
“REINSW has written to the Premier seeking an immediate meeting to discuss these two important issues,” said REINSW President Wayne Stewart.
“The proposed changes to the Residential Tenancies Act will result in an even further deterioration in the supply of rental properties across NSW.
“REINSW believes that rents will increase and supply will be significantly reduced, deepening the rental vacancy crisis which has now gripped the state for years.
“These changes are ‘anti-investment’ and will only make the current situation even worse for tenants.
“Of similar concern is the new property tax recently announced, which will hurt homebuyers across NSW as well as property investors.
“It is a retrograde step which will hurt the ‘mortgage heartland’ of NSW and one which needs to be reversed.
“Already REINSW has secured the support of the NSW Opposition to overturn the tax.
“We hope we can impress upon the Premier the importance of removing this new tax before it does immeasurable damage to the NSW property sector,” said Mr Stewart.
Please direct media enquiries to Julian Brophy on 0408 276 749
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