NSW non-first home buyers are expected to enjoy stamp duty concessions
Sydney Today, April 4, Australian Eastern Time, industry insiders said: The NSW government budget to be announced on June 23 is expected to extend the stamp duty preferential policy to all buyers to promote the development of the real estate construction industry.
NSW Finance Minister Mike Baird pointed out that increasing the supply of real estate is a challenge for the government, so the government will take action to restore the real estate construction industry. The real estate construction industry in NSW has been in recession for at least 7 years, but the signs of recovery are still not obvious. The state government's June 6 state budget is expected to introduce some measures to stimulate the real estate construction market. Last year, the government’s budget restricted stamp duty concessions to newly built houses, increasing the attractiveness of newly built houses to first-time home buyers.
According to industry sources, the government may consider expanding the scope of stamp duty concessions to all new home buyers, not just first home buyers. Baird did not disclose detailed budget information yesterday, but pointed out: The real estate industry is an important industry, and we will focus on increasing supply. He wrote in his monthly blog last week: The downturn in construction activities in the NSW real estate industry is a major concern for us in the coming months.
Official data shows that building permits and new homes are close to their lowest points in decades, and Baird said he hopes some improvements will occur in the future. Baird pointed out that the prerequisites for a rebound in housing investment seem to be in place—increased demand for real estate, lower vacancy rates, and rents are rising faster than CPI; but these factors have not promoted the increase in industry activity in the real estate construction industry.
The supply of construction land is considered to be an important factor affecting the development of the real estate construction industry. Baird said: "The next thing we have to do is to see how to increase the amount of land in the real estate construction industry, especially the construction land in the developed areas of Sydney. Quantity."
Harley Dale, chief economist of the Housing Industry Association, pointed out that the number of newly built houses in NSW has been in short supply for at least 7 years. The annual demand for housing in NSW is 45000, but the number of newly built houses since 2006 has been around 30000. He said: "If the real estate construction industry cannot recover, then economic recovery on a larger scale is unlikely to be achieved." (Wendy)
English version: http://smh.domain.com.au/real-estate-news/duty-concessions-tipped-to-boost-home-building-20120422-1xf4l.html
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