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First-time buyers need tax incentives

By Louise Morrin

The Real Estate Institute of New South Wales (REINSW) has been campaigning for better assistance for first-time buyers for a while now, and its plight is continuing. The group stressed that while changes have been made to the way in which foreign investors are taxed, the same can't be said for first home buyers.

Under the new laws, foreign investors will be subject to an extra 4 per cent tax duty when buying property in Beverley Park and other parts of the state. In addition, a 0.75 per cent land tax surcharge will be applicable from 2017 onwards.

How this could benefit first-time buyers

The REINSW believes the money raised through these latest changes could have made a real difference to the property market.

"This was a significant opportunity to help first homebuyers and the 90 per cent who buy existing properties with a 50 per cent reduction in the stamp duty on a purchase of a residential property less than $1million," said REINSW president John Cunningham.

Earlier comments by Mr Cunningham stressed that first-time homebuyers need to be encouraged to purchase homes that aren't out of their reach. Current policies mean they're pushed towards buying brand new homes, many of which are beyond their price range.

There's also the fact that increasing demand for homes could create further pricing issues that the market may not be able to overcome. Sydney, in particular, needs more properties, and unless the right policies are in place, this might not happen anytime soon.

With the right real estate agent in Carlton on your side, there's every chance you could find a property that's within your price range. Just let us know what you want from your new home and we'll set to work on finding somewhere that fits the criteria.

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