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“The legislation passed last night giving first home buyers the option to opt out of paying stamp duty upfront is a significant step. This change will remove one of the biggest barriers to home ownership and reform an inefficient and inequitable tax on housing," said HIA NSW Deputy Executive Director, Brad Armitage.
“First home buyers in NSW will now be able to opt out of paying stamp duty upfront in exchange for a smaller annual property tax. This will shave thousands of dollars off the purchase cost of a home.
“This means that first home buyers can get a foot on the property ladder sooner and reap the benefits of home ownership for themselves and their family.
“Home ownership still matters to Australians. We know that 85% of renters aspire to own their own home but only 42% of them believe they can ever achieve the great Australian dream.
“This change must be seen as a step towards broader property tax reform.
“The decision earlier this week to pass legislation for the new shared equity scheme, along with this stamp duty reform, shows a genuine commitment to addressing housing affordability in NSW.
“Any moves by government to support home building and make homes more affordable for those who aspire to own their first home must be supported.
“As we approach the NSW election in early 2023, HIA stands ready to work with all sides of politics to show what can be done, and what must be done to make housing more affordable in NSW," concluded Mr Armitage.
For further information call:
Brad Armitage - Deputy Executive Director, Policy & Lobbying: 0406 397 181
Cathy Towers - HIA Assistant Director Planning: 02 9978 3387
“New home building approvals in the 2024/25 financial year were up by 13.9 per cent compared to their 2023/24 trough,” stated HIA Senior Economist Tom Devitt.
HIA is calling on the Federal Government to act urgently to support Australia’s building product manufacturers and suppliers, an industry worth more than $130 billion and critical to the delivery of new housing across the country,” HIA Managing Director, Jocelyn Martin said today.
With the delay to decisions on the content of NCC 2025, the ABCB has published a further amendment to the current NCC 2022 which applies from 29 July 2025. The purpose of this minor amendment is to align the NCC with recent changes to the Premises Standards which apply to Class 3 to 9 public buildings, common areas of Class 2 apartment buildings and short-term accommodation
“HIA alongside a group of construction leaders and Standards Australia came together today at Parliament House, to present a united front in getting easier access to Australian Standards in the hands of those who need them most,” said HIA Managing Director, Jocelyn Martin.