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Rees mini budget will only make NSW less attractive to investors
The property transfer fee has been doubled from $92 to $184 and land tax increased by 25% on properties valued at more than $2.25 million.
“This is a missed opportunity by the Rees Government to reinvigorate the stalling NSW economy,” said REINSW President Steve Martin.
“The real estate sector, already the highest taxed in Australia, is set to become even higher with the doubling of property transfer tax and the increases announced in land tax.
“These increases will have a direct and negative effect on the market.
‘But it doesn’t end there.
“The fact that New South Wales tax payers will face an additional $3.6 billion in taxes means NSW will become even more unattractive to investors and those looking to relocate here.
“The knock on effect of increased parking fees, higher child care fees, increased bridge tolls and scrapping of the school travel program will only make this state the most expensive to live in and that is before you even think about buying a house.
“The prospects of a major property downturn becoming entrenched In NSW are very real without immediate and decisive action.
“Before yesterday it was hard to imagine how things could get worse in NSW but they have,” said Mr Martin.
Please direct media enquiries to Julian Brophy on 0408 276 749.
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