The March 25 NSW state election is shaping up as a spotlight on housing affordability, especially in the outer suburbs.
The focus will be on stamp duty, with vastly different approaches being offered by the major parties.
In response to the Perrotet Government’s land tax option, the state opposition has gone the opposite way in a bid to make it easier for first home buyers to attain their dream of owning their own home.
A Chris Minns NSW Labor Government will abolish stamp duty for first home buyers purchasing a home up to $800,000.
It would also offer a concessional rate for those first home buyers purchasing homes up to $1 million.
Independent modelling by the Parliamentary Budget Office shows that within the first three years of Labor’s changes, 27,700 first home buyers would have paid no stamp duty whatsoever.
An additional 18,800 first homebuyers would have paid a discounted rate.
“It means an estimated 95 per cent of all first home buyers in NSW will pay no tax or a reduced rate under NSW Labor’s plan when they buy their first home, says Greg Warren, member for Campbelltown and shadow minister for Western Sydney.
“Labor’s stamp duty approach would make an enormous difference to those in the fast growing West and South West Sydney regions of Sydney,’’ he says.
“There is no doubt that West and South West Sydney is doing the heavy lifting in terms of providing new homes,” Mr Warren said.
“Still, rising property prices and the cost of living have made it harder and harder for first home buyers to get their foot in the property market.
“This move by a Chris Minns NSW Labor Government would help first home buyers attain the great Australian dream of owning their own home.
“This policy is in stark contrast to the Premier’s land tax,” Mr Warren said.
Mr Warren is among Labor MPs who in the past few days have started spruiking the party’s stamp duty promise on their social media pages.
It’s a clear sign that Labor believes it’s on a winner with this promise.
