Consumer News

By Tim McKibbin – REINSW CEO

The high cost of stamp duty is stopping homeowners from moving home and preventing first homebuyers from purchasing property.

Property transactions in October 2016 hit a four year low according to the NSW Office of State Revenue, with 17,312 transactions carried out, down 12% compared to the same time last year.

It is also down 7% for the first 3 months of the 2016/2017 financial year compared to last year. 

This is partly attributable to the cost of stamp duty putting off buyers from purchasing property.

Many homeowners are electing to carry out renovations instead of selling their properties and in doing so avoiding stamp duty.

The stamp duty rates of tax have remained unchanged for 30 years and need to be urgently reviewed. Tax should be a consequence of a transaction not a consideration.