NSW Stamp Duty Reform

On 6 November, NSW Treasurer Dominic Perrottet announced that current stamp duty brackets will be indexed at CPI for all transactions in NSW.

NSW will be the first state or territory in Australia to index Stamp Duty brackets to CPI and signifies the first major change to stamp duty in over 30 years.

The Property Council has long advocated for this reform including in this year’s budget submission to the NSW Government.

The indexation of rates will give buyers modest savings initially but will, over time, ensure no repeat of the current situation where stamp duty is a barrier for first home buyers, up sizers and right sizers.

It will ensure that the stamp duty cost for commercial properties will also be moderated encouraging investment and market mobility.

Property Council NSW Executive Director Jane Fitzgerald said;

“Stamp duty reform is an important piece of micro economic reform for NSW and Treasurer Perrottet is to be congratulated.

“The indexation of rates will give buyers modest savings initially but will, over time, ensure no repeat of the current situation where stamp duty is a barrier for first home buyers, up sizers and right sizers.

“Despite the cooling housing market, housing affordability remains a serious short and long-term issue for the State.

“Implementing structural changes to the stamp duty framework is a great long-term investment in providing more affordable housing for NSW.

“The Property Council urges the Treasurer to go further and adjust the rates themselves to realign average stamp duty payments with the purchase of the average home.”

Media Release can be read here