So it seems the NSW Government has indicated a possible state budget change that may increase surcharge purchaser duty for non-resident acquired property. The present surcharge rate is 4% for a non-resident. Media reports suggest a 6% or higher rate could be considered to arrest a present 11% demand for new resi property by non-citizens in NSW based on recent OSR data. Labour opposition have called for a 7% rate and even a higher rate of land tax surcharge to address affordable housing. Liberals had appointed former RBA Governor Glenn Stevens to report on these affordability issues ahead of the budget. Foreigners buying 11pc of NSW homes If NSW are considering this Victoria may follow suit ?
LOL aren't NSW behind the pack? Labor's proposal would bring it into line with the changes Victoria made? Don't know if you really want Glenn Steven's hand's anywhere near this but.
Ummm no. NSW already have passed the Vic laws in terms of tax impact and anecdotal evidence suggests that did not work as well as expected in either state yest both had measurable impact. Both Vic and NSW have foreign buyers pushing prices up so both could consider further tax changes. Glenn Stevens is a well qualified person capable of being called independent. Ever watched Yes Minister ?
