REINSW: The Real Week Ahead

Pictured; Tim McKibbin, Chief Executive Officer, REINSW

“…property taxation is a clear opportunity for reform to improve affordability as part of a broader strategy…”

May 16 2022

“The latest NSW transfer duty figures provide a timely reminder of the importance of a healthy housing market as the nation prepares to vote this weekend.
“Revenue NSW figures just released show $982 million was collected in stamp duty in April alone, bringing the total stamp duty revenue for the financial year to date to an eye-watering $12.3 billion.
“This is more than a billion dollars above the full financial year budget forecast for stamp duty and there’s still two months left to run.
“Real estate consumers are playing an enormous part in propping up the state’s economy.
“While it’s the NSW Government which collects this windfall, the various issues which continue to impact housing, including affordability, would benefit from a coordinated national response, as the Real Estate Institute of Australia has pointed out.
“Nevertheless, as these alarming figures show, property taxation is a clear opportunity for reform to improve affordability as part of a broader strategy, should whoever wins Government want to get serious on this front.
“The April figures also show the concerning impacts of stamp duty bracket creep. During the month, almost $100 million more in stamp duty was collected compared to April last year, even though the number of transactions actually dropped by about 19% this year compared to last.
“This week we’ll be speaking to more locals about some of the key issues impacting the housing market in the regions as the REINSW Roadshow tour visits Dubbo and Bathurst.”
All quotes can be attributed to Tim McKibbin, Chief Executive Officer, REINSW.
For additional commentary on these topics and all other matters related to the NSW residential market, contact:
Tim McKibbin, Chief Executive Officer, REINSW Mobile: 0415 931 013 tmckibbin@reinsw.com.au
About REINSW
The Real Estate Institute of New South Wales (REINSW) is the peak industry body for real estate agents and property professionals in NSW. It represents more than 2000 agencies across residential sales, property
management, commercial, strata management, buyers’ agency, agency services and auctioneering. Established in 1910, REINSW works to improve the standards, professionalism and expertise of its members to continually evolve and innovate the industry. It lobbies the government and industry on behalf of members, develops new products and services to benefit agencies and professionals, and offers training and ongoing professional development. For more information, visit reinsw.com.au.