REINSW calls on NSW Government to take action

The NSW Government needs to take immediate action to stimulate property investment by slashing property taxes, the Real Estate Institute of NSW said today.

“We congratulate the NSW Liberals/Nationals Coalition on their policy to increase the land tax threshold, which will effectively cut land tax for many property investors,” said REINSW President Cristine Castle.

“This initiative was developed after extensive consultation with peak industry bodies – including REINSW – who presented a broad range of options for consideration.

“We feel this policy will create an incentive for investors to return to the property market – and that’s good news for tenants, many of whom have been facing long rental queues to find a place to live.”

REINSW also welcomes the Coalition’s plan to establish a Community Advisory Panel on State Taxes if elected to Government.

“REINSW hopes to continue its involvement in discussions on how to further reduce taxes such as land tax and stamp duty, which act as disincentives for property investors,” Mrs Castle said.

It’s now time for the NSW Government to unveil policies to stimulate the housing market.

“The NSW Government has thus far failed to develop an action plan to encourage investors back to the property market in this state,” Mrs Castle said.

“The Iemma Government seems to have forgotten that it’s mainly mum and dad investors who provide tenants with places to live.

“With rents going up and vacancy rates falling, the rental crisis will continue to worsen unless governments take action to encourage these investors back to the property market.”

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