Government Christmas gifts required by first home buyers: REINSW

Jennifer DukeDecember 7, 2020

A true Christmas present for first home buyers would be the reintroduction of government incentives for existing properties, the Real Estate Institute of New South Wales president Christian Payne said.

With rising prices and increased turnover sending stamp duty higher, a potentially shooting he budget into surplus, Payne said that the NSW government should take this time to act, giving first home buyers a much-needed boost into Christmas and the support they need.

“We are approaching a very significant time where families come together to celebrate. It’s also a time of evaluation where life decisions and major changes can be made,” said Payne.

“Our fear is that many will visit friends and family outside the state over the festive season and reconsider their future in NSW due to their inability to purchase property here.”  

He said the best time to reintroduce incentives is before Christmas.  

“The return to surplus announced by the NSW government at the beginning of November means that the funding, which was largely provided by the property market with massive bracket creep on stamp duty rates in the first place, should be available to be distributed to first home buyers,” he said.

jduke@propertyobserver.com.au

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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