The REINSW has urged the New South Wales government to cut stamp duty rates in the wake of a budget surplus announced on Tuesday.
“The Sydney housing market has gifted the NSW government a $198 million windfall, allowing it to creep back into surplus,” REINSW president Christian Payne said.
“It is now time for the state government to recognise that stamp duty rates should be cut,” he said.
The state budget released by New South Wales treasurer Mike Baird showed a surplus of $239 million.
Mr Baird cited stamp duty collections, amounting to $198 million, as one of the major factors contributing to higher than expected revenues.
Mr Payne called on the government to stop relying on the real estate sector as a source of funding.
“For too long it has profited from families, young people and the elderly who are trying to put a roof over their head,” Mr Payne said.
“The Australian dream is not attainable for many and the NSW government needs to understand and accept that real estate should not be the major source of its funding,” he said.
Stamp duty for a property with a market value between $300,000 and $1 million is a flat rate of $8,990, plus $4.50 for every $100 exceeding $300,000.
To calculate the stamp duty on your property, use our Stamp Duty Calculator.