NSW property investors hit by higher fees

Font size :

The troubled NSW state government has announced that it will ramp up property transaction fees in its mini-budget this week, in a move that the industry body says will have "a direct and negative" impact on the property market.

Premier Rees announced that the property transfer fee will double from $92 to $184, and land tax will increase by 25% on properties valued at more than $2.25m.

"This is a missed opportunity by the Rees Government to reinvigorate the stalling NSW economy," said Real Estate Institute of NSW president, Steve Martin.

"The real estate sector, already the highest taxed in Australia, is set to become even higher with the doubling of property transfer tax, and the increases announced in land tax. These increases will have a direct and negative effect on the market."

NSW tax payers will face an additional $3.6bn in taxes under Rees' new budget, which Martin said will make the state "even more unattractive" to investors and people looking to relocate to NSW.

"The knock-on effect of increased parking fees, higher childcare fees, increased bridge tolls and scrapping of the school travel program will only make this state the most expensive to live in, and that is before you even think about buying a house," Martin said.

 

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Sep 23, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords