HomeWorld Display Village has called for stamp duty relief for homebuyers in NSW to boost housing.

Frank Death, HomeWorld’s chief executive, said that while first homebuyers have stamp duty exemption on properties up to $500,000, other homebuyers are being penalised by escalating stamp duty due to an increase in property values particularly in Sydney in recent years.

“NSW homebuyers pay higher rates than buyers in other states, so tax rates need to be adjusted to take account of higher values in this state.

“The Reserve Bank is doing its part to revive the housing industry by cutting official interest rates but many families are putting off upgrading because of the high stamp duty levels.

“The State Government is reviewing taxes and charges on newly developed land. It should also include a review of the stamp duty impost to make it fairer for homebuyers. It would also help to bring investors back into the market providing relief for the stressed rental market,” said Frank Death.

Death pointed out that increased activity in housing would bring the government more revenue from higher sales despite lower stamp duty levels.