The state government has been urged to review land taxes in a bid to revitalise Sydney’s Oxford Street.
President of the Real Estate Institute of New South Wales (REINSW) Malcolm Gunning said Oxford Street was continuing to suffer and decline as a result of a clearway which restricted car parking, increased traffic pollution and hampered business.
“In recent years, there has been a significant decline in this important commercial area,” he said.
“Sydney and Woollahra Councils are pouring money into revitalising the strip. It is now time for the state government to recognise the problems.”
Mr Gunning said the REINSW plans to ask the valuer general to examine disproportionate land taxes in the area “which need to be reviewed in order to revitalise Oxford Street”.
“Land taxes haven’t fallen like the rents have because they are based on raw land value and building potential and do not take into account the heritage conditions associated with Oxford Street. In some cases the land tax is 50 per cent of the rent.
“It is time to recognise that the strips are going through a cultural change. Land values must be reviewed and savings passed onto new tenants including boutique fashion retailers. It is essential that Oxford Street rises again,” he said.