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Five things NSW Government needs to do

10 April 2017

The Property Council of Australia says the NSW Premier Gladys Berejiklian needs to do five things in the next six months to improve the property market.

Property Council NSW Executive Director Jane Fitzgerald said the NSW Government deserved praise for strong economic growth, infrastructure investment and a renewed focus on the regions.

However it said housing affordability, a poor planning system and the heavy weight of taxes and charges on the property industry need to be addressed in the next two years.

Jane said: “Progress has been made in the past two years to ensure NSW can continue to be economically competitive nationally and internationally, yet there are still too many issues that are a drag on growth and progress.

“We have a new Premier, new Ministers and the opportunity to make the next two years really count.

“We now need the government to deliver on facilitating the supply of new housing, reduce its reliance on property taxes and transform the nation’s worst planning system into its best.”

Five things to do in next six months

The Property Council of Australia says the Berejiklian Government has five things they should do in the next six months:

1.     Scrap the surcharges on land tax and stamp duty on companies building and providing NSW with the housing it desperately needs
2. Revise the thresholds for stamp duty concessions that are currently available to first home buyers to current market conditions
3. Update archaic stamp duty tax brackets, because on the current scale, more than 50 per cent of properties in Sydney are hit with the highest rate of stamp duty
4. Extend ‘code assessment’ to take in apartments including high-rise and mixed use developments, which is available in other states and territories
5. Unlock more land through boosting funding to provide enabling infrastructure such as sewage, water and electricity.