Housing affordability in NSW is being further exacerbated by the soaring cost of stamp duty.
Figures released by Revenue NSW show the average stamp duty per transaction for a residential property has reached a record $34, 080 in 2016-17, a whopping $15, 000 more than in 2011-12.
Shadow Treasurer Ryan Park says this highlights the fact that NSW has become the highest taxing state in more than a decade, leaving families further priced out of the housing market with the median property price at over $1.17million and rising.
At the same time, wage growth has stagnated at 2.1 percent- almost half the 3.9 percent figure under Labor.
NSW Labor says it shows the Berejiklian Government’s housing package announced earlier this year does not go far enough in assisting first home buyers- unlike Labor’s comprehensive plan which includes mandatory affordable housing targets, supporting reform of negative gearing and taxing properties which have been left vacant for more than six months.
Quotes attributable to Shadow Treasurer Ryan Park
“Families are being forced to tighten their belts time and time again as costs keep going up, yet this Government hasn’t done anything about increasing wages to help them.
“Under Labor’s plan families and those on moderate incomes struggling to get a roof over their heads will now have a chance of living closer to work.
“Whilst the Liberal Government has been idle, the growth in housing prices has outpaced the incomes of many in Sydney.”