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What would changes to stamp duty mean for the Sydney property market?

Article image for What would changes to stamp duty mean for the Sydney property market?

The NSW state budget saw the unveiling of a bold plan to overhaul stamp duty but the retail market is concerned it could cause short-term harm.

The state government is seeking feedback on the plan to give home buyers a choice between paying stamp duty or an annual property tax.

Real Estate Institute of New South Wales CEO Tim McKibbin told Deborah Knight this announcement could disrupt the property market.

“These are very dangerous comments.

“If you’re thinking about buying a home, what do you do? Do you go forward and do it now? Do you delay?”

There are concerns the change to stamp duty rules could drive up property prices in Sydney.

“To suggest that we’re going to change from stamp duty to land tax and that is going to miraculously provide affordability is incorrect,” Mr McKibbin said.

“The affordability issue will be cured by supply. Whilst the appetite to buy properties outstrips the supply then you will have pressure on prices.”

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