6 September, 2011

Raine & Horne chief condemns NSW Government’s decision to cut stamp duty exemption

Angus Raine, CEO of leading real estate group, Raine & Horne, has slammed the State Government’s decision to cut the stamp duty exemption for first home buyers purchasing existing homes in NSW.

In today’s state budget, the treasurer announced that from 1 January, 2012, first time buyers in NSW would no longer be able to claim stamp duty exemptions on homes valued up to $600,000.

“We already have a major shortage of rental properties in NSW and this is not going to help young people jump off the rental market treadmill and into their own homes,” Mr Raine said.

“I’d really urge the NSW Government to reconsider this budget measure as it will mean first timers will need to find tens of thousands of additional dollars to buy into the housing dream.

“It will also price many first timers out of apartment markets closer to the city and will put even more pressure on overworked infrastructure in outer Sydney suburbs.”

Raine & Horne is an iconic Australian property firm, with more than 360 offices worldwide. Also an established Superbrand along with Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Rural and Raine & Horne Financial.

-ENDS-

For further media information contact:

Angus Raine, CEO Raine & Horne, 02 9258 5422/0409 920 697

Anna Truman, National Marketing & Communications Co-ordinator, 02 9258 5448