Consumer News

By Tim McKibbin – REINSW CEO

The package of measures to support first homebuyers released by the NSW Government is a step in the right direction. However, a lot more needs to be done.

The package will see stamp duty exemptions extended to first homebuyers of existing homes up to $650,000 from 1 July 2017 and then reducing proportionally to dwellings up to $800,000. This will also apply to new homes. 

Whilst welcome, I believe the stamp duty concessions need to be increased further to reflect the current median dwelling prices. More also needs to be done to address bracket creep, which has not been reviewed for more than 30 years.

REINSW has been lobbying fiercely for a long-time on these issues and whilst we’re pleased with the new package, there is still a long way to go.