Jo Haylen, Member for Summer Hill, today welcomed the announcement of NSW Labor policy which will help level the playing field for first home buyers in the Inner West.
A Foley Labor Government will lift surcharges for foreign investors on residential homes – to dampen the pressure they exert on housing prices.
It comes as latest data shows the number of properties bought by foreign investors outstrips the number of first home buyers. Data from the Office of State Revenue shows that in the three months from July to September 2016, foreign nationals accounted for 11 per cent – or 2995 - of residential property purchases in NSW compared to 7.51 per cent by first home buyers.
This builds on NSW Labor’s first step which is to support the negative gearing changes proposed by Federal Labor to help young families buy their first home. The policy to lift surcharges from 4 per cent to 7 per cent will also put NSW in line with Victoria.
Ms Haylen notes that the Inner West is hit hardest by the problem of housing affordability and policy such as this is an important step in helping first time buyers purchase a home.
Quotes attributable to Member for Summer Hill, Jo Haylen MP
“People across the Inner West are concerned about their ability to buy a home in our community, and even more concerned about how their children will possibly buy here.
“Along with Federal Labor’s negative gearing changes and this policy will help even the playing field for first time home buyers who are struggling across Sydney and particularly in our area.
“Making the transition from renter to buyer is hard enough in the Inner West, we need to make sure local families and young people stand a chance.