REI Urges Stamp Duty Abolition

The Real Estate Institute (REI) of New South Wales says the Government must act to abolish stamp duty if it wants to revitalise the rental property market in areas like the north coast.

The State Government has said it would scrap the duty if it is compensated for the loss of revenue.

The institute’s Tim McKibbin says the availability of rental homes in the Northern Rivers has fallen to one of the lowest rates in the state.

He says the Government should immediately abolish stamp duty and land tax which are preventing investment in the rental sector.

“It’s a complete disincentive. Other forms of investment simply don’t have those forms of impediment to the market,” he said.

“The citizens of this state, and I am aware the north coast is certainly no exception, are suffering and suffering badly, and we’ve been calling on the Government to address this issue, and they simply have to take this problem on.”

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