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- Category:
- Property
- Author:
- Staff Writers
- Posted:
- Wednesday, 2 July 2008
The NSW State Government needs to stop talking about planning issues and start focusing on practical needs now: homes for its people, according to the Real Estate Institute of New South Wales.
Data from the Australian Bureau of Statistics showing that finance commitments for owner-occupied housing fell 3.9 percent in NSW in February and that investment housing commitments declined 9.5 percent nationally in the same period prove that the state’s housing woes are going from bad to worse.
Fewer investment properties means fewer places for renters to live.
“The only way to address this situation is to have a level playing field for property investors,” REINSW president Steve Martin said.
“We are calling on the State Government to abolish land tax and stamp duty on property. People who invest in shares aren’t contributing to solutions to the housing crisis that is driving people away from NSW. Yet, share-market players aren’t slugged the taxes that property investors are.
“Unless something is done to address the dire state of the housing market in NSW whereby tenants find it virtually impossible to find a place to rent, this state will continue to lose our talented and energetic young people to states where they are made more welcome.”
Residential vacancy rates in Sydney and regional towns such as Wollongong and Newcastle fell to unprecedented levels in March. Students beginning the university year were struggling to find accommodation in areas where there was a negligible vacancy rate of 0.9 percent or less.
Tags: Property
