Opposition calls on O'Farrell to help first homebuyers

    Posted: Thursday, 22 December 2011 | By: Michael Daley

    The NSW Opposition is calling on the O'Farrell Government to extend Stamp Duty exemptions for First Home Buyers purchasing existing homes beyond December 31, to bolster economic growth and boost business confidence in NSW.

    "First Home Buyers stand to lose up to $17,990 from January 1 under Mike Baird and Barry O'Farrell's plan to axe stamp duty exemptions for First Home Buyers purchasing existing homes," said Shadow Treasurer Michael Daley today.

    "In light of the budget figures released by the Treasurer forecasting rolling deficits for four years – the Government should act now to strengthen the State's economy, by extending Stamp Duty exemptions beyond December 31.

    "The looming European Sovereign debt crisis means this is not the time to be putting the dampener on Sydney's property market.

    "The number of people claiming the stamp duty exemptions jumped from 2688 in September, to 4758 in November; in the wake of the Government's decision to dump the First Home Buyer Plus scheme.

    "Those figures are set to plummet in the New Year as thousands of First Home Buyers are locked out of the property market once again.

    "The longer Barry O'Farrell and Mike Baird sit back and do nothing to shockproof the State's economy, the higher the likelihood of job losses and major cuts down the line.

    "That's why the NSW Opposition is calling on the Government to act now to protect NSW's economy from continuing global economic uncertainty.

    "The Government should start that task today by announcing an early Christmas present for First Home Buyers – extending stamp duty exemptions beyond December 31.

    "Continuing the First Home Buyer Plus Scheme won't fix the State's economic woes on its own – but it would represent a step in the right direction.

    "The Government's decision to hit up home buyers for an extra $17,990 on a home worth $500,000 will hit western and south western Sydney the hardest.

    "Westmead, Liverpool, Blacktown, Parramatta, Quakers Hill, Leumeah, Merrylands, Auburn, Bankstown, Mt Druitt, Penrith, Seven Hills, Kingswood and Cabramatta are all in the Top 20 suburbs that will lose out under the changes due to come in on January 1, 2012.

    "Barry O'Farrell promised to make NSW number one again – but instead the economy is flagging and the Premier and Treasurer are doing nothing about it."

    Tags: Barry O'Farrell, finance, housing, Michael Daley, Mike Baird, stamp duty

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