Extreme close up of train station

Tax relief for retirees downsizing

20 July 2019

By Tim McKibbin, REINSW CEO

Despite improving sale prices and rising clearance rates, NSW is still facing a major property stock shortage. The irony is, while growing families are looking to buy, government taxes mean empty nesters are being actively discouraged from selling.

Extensive industry research reveals stamp duty is a significant disincentive for retirees who want to downsize. The NSW Government should consider providing stamp duty relief for people aged over 65 when they downsize into more suitable accommodation, such as a townhouse, apartment
or retirement villa.

This will help recycle housing stock into the market and allow older Australians to access the equity in their properties they need to finance their retirement.