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Will NSW Labor Housing Proposals Slow Supply?

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NSW's Labor opposition announced this week that if in Government it would push to increase foreign buyers' stamp duty surcharge in order to "level the playing field for the State’s first home buyers".

The decision by the Foley Labor opposition came after findings from new figures released under freedom of information laws revealed more than one in 10 residential properties sold in NSW are being snapped up by foreigners, with a third of them bought by Chinese nationals.

Data from the Office of State Revenue shows that in the three months from July to September 2016, foreign nationals accounted for 11 per cent – or 2995 - of residential property purchases in NSW compared to 7.51 per cent by first home buyers.

“This policy is well thought through and costed – with one intention only – to make housing affordable in New South Wales. We’re levelling the playing field," Opposition Leader Luke Foley said.

“Evidence suggests a surcharge on foreign investors will take some pressure off house prices and go a way to levelling the playing field for first home buyers."Under the policies Labor intends to:

  • Raise the Foreign Investor Stamp Duty Surcharge from 4 per cent to 7 per cent; and
  • Double the Land Tax Surcharge from 0.75 per cent to 1.5 per cent.
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Article originally posted at: https://https://theurbandeveloper.com/articles/nsw-labor-stamp-duty-proposals-will-slow-supply