NSW Treasurer Dominic Perrottet has seized on record Sydney housing prices as proof that sweeping changes to the state’s property tax system must be urgently introduced – even if it costs the state.
Mr Perrottet’s renewed push for stamp duty reform comes as the median house price in Sydney reached a record high of more than $1.2 million, according to theThe Treasurer said stamp duty was a prohibitive tax for prospective buyers whose saving efforts were already being outpaced by record growth. AMP Capital chief economist Shane Oliver said low interest rates and stimulus measures had distorted the housing market by preventing distressed selling and bringing forward demand.
Rabe9 MattWadeSMH Only tax non Australian owned property’s and remove negative gearing if you really care about young Sydneysiders but you won’t you just need a BS excuse for a new tax which will cost all of us more hardship then ..blame Anastasia
Rabe9 MattWadeSMH Something is very wrong when even ppl on six-figure incomes cant afford to buy their first-home because prices are so overinflated. Let alone the masses. We need a catalyst for it to pop and deflate without Govt intervention. Thought the onset of Covid19 would hv been it but no!
Rabe9 MattWadeSMH Wait a minute- so you are going to pay $48000 in stamp duty or $100000 in tax? Sounds like a good deal god the government. And as stated by others, it won’t make houses cheaper, it will mean they will cost more because the money that would have gone on stamp duty will go to vend.
Rabe9 MattWadeSMH Perrottet just wants to flog his vile stamp duty proposal. The guy is not to be trusted .
Rabe9 MattWadeSMH Too late, its all owned by China and I heard they ain't selling
Rabe9 MattWadeSMH Stamp duty is the least of peoples problems. Maybe start by looking at the fact that median house prices are 12+ times higher than the median before tax salary. Why? Its easier to buy your 7th home than your first and the system is tilted in favour of investors.
Rabe9 MattWadeSMH
Rabe9 MattWadeSMH Wait till the new homebuyer COVID Grant's are dropped. You'll get a house for free
Rabe9 MattWadeSMH Good job reporting criticism of the plan... oh wait, you didn’t.
Rabe9 MattWadeSMH The bleeding obvious! How many years clapping as house prices soared! Negative gearing reform federally that greedy Australians rejected!
Rabe9 MattWadeSMH It's a terrible idea laden with land mines. It suits developers and not too many others.
Rabe9 MattWadeSMH Hey Tom and Matt what’s the medium housing price again !
Rabe9 MattWadeSMH End immigration now!
Rabe9 MattWadeSMH Govt failure to implement Tranche 2 anti-money laundering reforms - so no AUSTRAC oversight of accountants, real estate and lawyers has delivered an international money laundering investment bonanza for govt's developer mates.
Rabe9 MattWadeSMH Innovation from a conservatives very conservative (ie no change or positive reform allowed!!) LNP federal government? LOL.
Rabe9 MattWadeSMH cutting stamp duty wont help Labor and LIberals should NOT have been importing millions of FOREIGNERS Immgration and not enough houses PRICED AussieYouth OUT AustralianLabor LiberalAus YOU guys did it all by your selves auspol
Rabe9 MattWadeSMH High housing prices are the result of the NSW government's own perpetual Sydney growth game, fueled by high immigration intakes in the past and expected in the future, especially rich Asians. To have announced an 8 million city as a target is the problem, not the type of tax
Rabe9 MattWadeSMH Tax increase by stealth. Annual amount increases as property prices rise AND thru indexation. Eventually home owners will pay far more on stamp duty. Which is the point of the ‘reform’, not cheaper houses.
Rabe9 MattWadeSMH Higher taxes the more properties you own. Done.
Rabe9 MattWadeSMH Please, give us a break! This has been the reality for many young people for years...watch real estate auctions on the News, and that'll tell you who's in and who's out of the housing market here. And suddenly, as with our beloved koalas; suddenly, we care? Too late for 'reform'.
Rabe9 MattWadeSMH Annual land tax is a terrible idea and disproportionately affects the less well off and will force people from their homes if the suburb they live in becomes desirable and gentrified. Retirees beware!
Rabe9 MattWadeSMH How's the iCare corruption tally going, Perrotits? You'll be on the Guinness Book of Records soon.
Rabe9 MattWadeSMH They only know one thing... bring every Tom dick Harry to the shore and expect economy to boom. Tell me anything else they have done except for 457?
Rabe9 MattWadeSMH scores? scores of hundreds of thousands
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