First home buyers are in need of more support, the Real Estate Institute of New South Wales (REINSW) has said.
REINSW president Malcolm Gunning said the current stamp duty laws in place were "unjust" and "unfair", making it more expensive for people to buy into the local property market, with the government being the biggest winner from the current boom.
"In the 2013-14 budget, transfer stamp duty was $4,960 million and revised upwards by $938 million or 18.9 per cent to $5,898 million because of the property boom. It is now expected to increase by a further 12 per cent in 2014-15, following growth of 40 per cent in 2013-14," said Mr Gunning in a 11 March statement.
Proposing some changes to the current system, Mr Gunning said these funds could be used to help first home buyers secure real estate in Carlton and other parts of the state to further the cycle. Ensuring housing supply and affordability remain within the grasps of everyday Australians will help the nation grow economically and strengthen in the coming years.