3 priorities for a strong NSW property market
The Property Council has urged the new NSW government to prioritise housing affordability, infrastructure investment and economic growth to ensure it is equipped to meet future challenges.
Property Council NSW executive director Jane Fitzgerald says addressing housing affordability by “turbo charging” supply must be a top priority.
“We need at least 725,000 houses by 2036 and we won’t reach this figure unless we unlock more land and reform the planning system,” Ms Fitzgerald said.
“Code assessment should be extended and bottlenecks in the planning system need to be removed to ensure more homes can be built more quickly.”
Ms Fitzgerald also recommended the foreign investment tax be reformed.
“As it stands, it is a tax on housing supply and will push up prices further as it starts to bite. The new premier [Gladys Berejiklian] should make an immediate contribution to improving affordability by confining the tax to final purchasers, not home suppliers.”
Ms Fitzgerald added that infrastructure and housing are integral to the NSW’s economic growth.
“With record levels of stamp duty revenue being generated and the state well in the black, a stamp duty cut should be given serious consideration,” she said.
“Stamp duty currently adds about $40,000 to the price of a Sydney home, worsening the housing affordability crisis and dampening economic growth.
“We must also ensure that infrastructure continues to be planned for and delivered. The Baird government made a record investment in infrastructure through key reforms such as asset recycling and this approach should continue.”