NSW Stamp Duty Changes to Hit Rural Centres Hard
The O’Farrell Government’s decision to slash First Home Buyers benefits by removing stamp duty concessions for existing homes will hit rural centres hard, according to the NSW’s peak industry body.
“The decision to cut the first home buyers stamp duty concession for existing homes is a serious blow for struggling rural and regional communities,” said Real Estate Institute of New South Wales President Wayne Stewart.
In an apparent contradiction, while benefits will soon be cut for first home buyers in rural areas, their city cousins will still receive $7000 to relocate to regional NSW.
“The simple fact is that many rural first home buyers have no alternative but to buy already constructed properties, so they will be particularly disadvantaged by the government’s decision.
“Removing stamp duty concessions for existing properties means some first home buyers in regional and rural NSW will not enjoy the same choice as offered to those in metropolitan communities.
“There is no doubt that rural NSW will suffer hardship as a result of the cuts to stamp duty concessions and REINSW calls on the state government to act quickly and identify a means by which young home buyers won’t be disadvantaged because of where they live,” said Mr Stewart.
Special Incentives Needed
T he REINSW said additional initiatives to bolster rural and regional communities are urgently needed following the abandonment of the first home buyers grant as part of the NSW Budget.
“What is needed is a special initiative that can operate in rural areas and that reflects the unique needs of those living outside metropolitan NSW,” said Mr Stewart.
“We really should be encouraging people already living in rural NSW to stay there by providing bonus home buyers benefits as are already offered to city dwellers.
“The power is in the hands of the Premier and Treasurer to extend this scheme to provide an incentive for people already living in regional NSW.”