Business NSW welcomes an announcement from the NSW Government to allow homebuyers to avoid stamp duty when they upgrade to a new property.

The NSW Coalition’s reform goes beyond just first home buyers. Those same home buyers would be able to opt into an annual fee on future property purchases as well.

The changes would allow people to have more choice when buying their next home - a crucial option for employees and businesses.

“This bold move from the NSW Government is a critical step for businesses and employees as it allows for greater mobility in our economy,” Business NSW CEO Dan Hunter said.

“Stamp duty is an outdated, cumbersome tax that restricts households from making decisions about their future.

“Expanding stamp duty reform beyond just a first home purchase means families can relocate without the impost of this restrictive tax on home purchases.”

The broadening of eligible properties – with the $1.5 million threshold increasing by $50,000 every year from 2023-24 – is also welcomed.

“These reforms mean people are not being forced to choose between their dream job and their dream home,” Mr Hunter said. 

“Being able to live close to where you work is a fundamental need for any employee.

“This proposed reform supports people to seize job opportunities, and helps businesses secure the talent they need to thrive – we strongly support this decision.”

This election campaign Business NSW is calling on the next NSW Government to:

• Set a 30 per cent target for affordable housing on surplus government-owned land to support key workers to live closer to where they work.
• Change planning rules to allow for greater mixed use and residential development within the Sydney CBD, including easing requirements to make it easier to build schools and childcare facilities in our CBDs.
• Double the size of our CBDs’ permanent populations over the next 10 years.
• Increase the supply of lower impact medium density housing like terrace housing, town housing, dual occupancy, and low-rise residential apartments across NSW.