NSW Property
May 23rd 2004, 7:36 am
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NSW Property
article in Sydney Morning Herald May 23, 2004
"Homes by the hundred: the big property bailout "
In NSW..
"Hundreds of investment properties are expected to flood onto the market this week as nervous property owners rush to beat the June 1 deadline for the new 2.25 per cent exit stamp duty.
Experts predict first home buyers will swoop to take up the properties and take advantage of the new exemption on paying stamp duty on homes up to $500,000.
There have already been hundreds of applications for First Home Plus stamp duty concessions lodged with the State Government."
...
but then the report goes on to say:
...
"Many investors will now sit tight until 2007, which will mean less revenue for the Government," said Property Council executive director Ken Morrison. The council also said if the value of transactions dropped by more than 29 per cent, the Government would actually receive less stamp duty than under the existing regime.
The REINSW said four out of five NSW landlords planned to raise rents by up to 20 per cent to cover the tax changes."
"Homes by the hundred: the big property bailout "
In NSW..
"Hundreds of investment properties are expected to flood onto the market this week as nervous property owners rush to beat the June 1 deadline for the new 2.25 per cent exit stamp duty.
Experts predict first home buyers will swoop to take up the properties and take advantage of the new exemption on paying stamp duty on homes up to $500,000.
There have already been hundreds of applications for First Home Plus stamp duty concessions lodged with the State Government."
...
but then the report goes on to say:
...
"Many investors will now sit tight until 2007, which will mean less revenue for the Government," said Property Council executive director Ken Morrison. The council also said if the value of transactions dropped by more than 29 per cent, the Government would actually receive less stamp duty than under the existing regime.
The REINSW said four out of five NSW landlords planned to raise rents by up to 20 per cent to cover the tax changes."
