Most NSW home buyers and sellers ‘out in the cold’ after budget: REINSW
The NSW budget failed to respond to the real challenges facing the market, according to the Real Estate Institute of NSW president Christian Payne, as it left the bulk of the property market “out in the cold”.
“The absence of stamp duty reform, the lack of incentives for purchasers and sellers of existing property and the failure to kick start the investment sector are real failings of today’s budget,” Payne says.
“While the first-home buyer is an important part of the market, the fact is that the vast bulk of all residential property transactions are for existing dwellings.
“Purchasers and vendors of those [existing] properties have simply been left out in the cold,” he says noting the $7000 First Home Owner Grant - in operation since 2000 and available for both new and exisiting purchases - will soon cease to exist to be replaced by a $5000 grant for new homes only.
“The budget has failed to respond to the real challenges facing the market,” Payne says.
“What we needed to see today was the state government doing its part to back up the Reserve Bank’s heavy lifting in cutting interest rates to reinvigorate a flagging market.
“Unfortunately that did not occur,” he says.
“Given the growing storm clouds over the international economy and an already underperforming property sector, today’s budget was the opportunity for the government to take decisive steps to stimulate the market.”
"Think new," was the response of the Treasurer Mike Baird when asked what he would say to those who could soon miss out on any government assistance.
"This is a fantastic day for you - there is an opportunity to get into a housing market like never before," he told the post-budget press conference.
"The generosity we're providing in terms of the first home buyers grant together with the stamp duty concessions, says to the first home buyers 'Think new'," 7 News reported.
