Business
Record housing prices spur Perrottet to deliver stamp duty reform – Sydney Morning Herald
NSW Treasurer Dominic Perrottet has seized on record high Sydney housing prices as proof sweeping changes to the state’s property tax system must be introduced…
The Treasurer said stamp duty was a prohibitive tax for prospective buyers whose saving efforts were already being outpaced by record growth.
When you see the time it takes for young people to save for stamp duty, to save for that property … by the time young people have saved for that deposit theyre going backwards because the prices of the properties have increased at a much greater rate, Mr Perrottet said.
A 20 per cent deposit on the median house would be $242,000 in Sydney, with the market…
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