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Victoria takes a lead on stamp duty

6 March 2017

REINSW President John Cunningham says NSW must act now on stamp duty and follow the lead Victoria has taken, or we will lose our best and brightest.

The Victorian Government has abolished stamp duty for first homebuyers for purchases below $600,000 and John says premier Gladys Berejiklian must put meaning behind her assertion that housing affordability is the number one priority for her government. 

John said: “Victoria has acted and it is time for NSW to step up and take a stand. 

“NSW is now living in the shadow of our southern counterparts. We will lose our best and brightest if we do not match or better what Victoria has pledged to introduce. 

“The clock is ticking and the government must act now before it is too late.” 

Victorian Premier Daniel Andrews announced that purchasers of properties between $600,000 and $750,000 will also receive a stamp duty concession applied on a sliding scale.

In addition, the Victorian government will establish HomesVic a $50 million program to co-purchase 400 homes taking an equity share of up to 25 per cent. Eligible applicants will include couples earning up to $95,000 and singles earning $75,000. 

Regional Victoria was also given a boost with the announcement of a doubling of the first homeowners grant for regional Victoria. First homebuyers building new homes in regional Victoria will be entitled to $20,000 as of July 1 this year, up from $10,000 for new homes valued up to $750,000.

“NSW wound up its regional homebuyers schemes in March 2015. This must also be put back on the agenda,” John said.

See John speak on ABC's 7.30 report on if the housing market can be reined in. View it here.