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Election a referendum on housing affordability and availability
8 March 2011
REINSW says NSW will face growing numbers of people abandoning the state on economic grounds if the rental crisis as well as housing affordability and availability aren’t adequately addressed by an incoming Labor or Coalition Government.
The state’s peak real estate body says voters should make this election a ‘referendum’ as to which party can best address the residential housing crisis gripping the state that has made Sydney the second most expensive city in the world.
“NSW faces a flood of economic refugees fleeing the state if Labor and the Coalition don’t comprehensively address what are perhaps the three most significant impacts on the cost of living – namely, housing availability, affordability and the rental crisis,” said REINSW President Wayne Stewart.
“Voters across NSW are struggling with the high cost of housing and the lack of availability, be it to purchase or rent.
“Yet despite the obvious impacts these housing issues have on the cost of living for NSW voters, neither party is detailing how it would solve these problems if elected.
“The rental crisis is a direct result of an inadequate, expensive and complex planning system, an unjust regulatory environment and an inequitable property tax regime, which collectively discourage people from investing in the private rental market.
“As a result, the number of available properties declines and rents increase, affecting tenants across the state.
“Similarly the continuing deterioration in housing affordability is also the result of the unfair taxation policies, including high rates of cascading stamp duties, as well as a raft of other imposts including land tax and the recently introduced ‘ad valorem’ tax.
“That taxation regime, combined with poor planning policies which have failed to ensure that additional land release keeps pace with demand, have directly resulted in lack of housing that has pushed up prices and demand.
“Voters across NSW need answers from Kristina Keneally and Barry O’Farrell as to how they will deliver solutions to not only increase housing availability, for rent or purchase, but also improve its affordability,” said Mr Stewart.
Please direct media enquiries to Julian Brophy on 0408 276 749
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