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REINSW: 'Supply shortage ignored by state budget'

Writing exclusively for Australian Property Investor Magazine, Real Estate Institute of New South Wales Chief Executive Officer, Tim McKibbin, argues that the state's stamp duty and other reforms do not address the central issue of a shortage of housing supply.

NSW Premier Dominic Perrottet
The stamp duty reforms introduced by NSW Premier Dominic Perrottet in the state budget do not go far enough, according to the REINSW.

The reforms unveiled in last month’s NSW Budget were presented as the catalyst for generational change. On the surface, the choice to pay an ongoing property tax instead of stamp duty appeared to represent a major shift. Dig only a little deeper, and it’s much ado about nothing.

It took many in the industry a moment or two to realise the reforms relate only to a small section of the populace. For existing property owners and investors, the landsc…