The Property Council of Australia has endorsed the expansion of the First Home Buyer Choice program announced by NSW Premier Dominic Perrotett.
Property Council’s Acting NSW Executive Director Adina Cirson said the move would help first home buyers with an opportunity to get into their first home sooner in the midst of a very real housing crisis confronting so many in NSW.
“Stamp Duty is an inefficient tax that is an additional barrier for people being able to purchase a home and is a dampener on mobility within the housing market,” Ms Cirson said.
“This is why we have been advocating for tax reform. The expansion of the First Home Buyer Scheme which commenced earlier this year is welcome news to enable purchasers to have more of a choice when it comes to future housing.
“With the NSW Liberals and Nationals providing homebuyers with an ‘option to pay’ a small annual fee on a first home instead of an upfront stamp duty is a positive first step and we hope will pave the way for broader tax reform.”
Ms Cirson welcomed the attention to annual reviews of the cap, following strong advocacy from the Property Council on this important matter.
“We have been calling for an annual review to the cap as increasing property prices would limit the stock available in future years,” she said.
“Under the latest announcement, expanded stamp duty reform would increase the current $1.5m cap by $50,000 a year starting in the 2023-24 financial year. Buyers would be able to own two properties under the land tax scheme, although additional homes would incur stamp duty.”
Since the introduction of the First Home Buyers Property Tax Scheme on 16 January 2023 more than 1,000 people have already opted into the scheme.
Media contact: Aidan Green | E [email protected]