What do you guys think?
Does it mean all my properties value have just gone up by the stamp duty amount?
Should I take it as:
http://www.smh.com.au/nsw/premier-gladys-berejiklian-announc…
Probably anyone who knows for sure will be unlikely to share that info ;)
However, given that ASIC/APRA nationally are pushing lenders to make investment lending hurdles higher (which already appears to be dampening investment property prices in certain categories) and NSW just doubled foreign investor stamp duty and increased the applicable land tax, it seems at a rudimentary level, the aim is to rebalance the property market in favour of local buyer seeking PPORs.
It means buyers now have more buying power which could be translated to a higher selling price for you.
The government is trying to help FHB but is directly increasing house prices by doing so, hence, nullifying the benefit.
wish the qld government would raise the bar too
I think its good news for firsties. $650 max ceiling is a tad low though, maybe a "Renovatora dream" 3 hrs from Sydney or a studio unit somewhere.
There are still plenty of place for <650k around 40 - 50 minutes train ride to sydney CBD though.
"Should I take it as:
The government is trying really hard to keep house price up or
The government is trying really hard to help FHB"
Neither. Take it as "The government is trying to stay in power"
They're just trying to appear as if they're doing something. They don't really care about helping FHBs, it's enough if the public think they're helping FHBs.
Maybe the crackdown on investors will neutralise any increase in house prices, but if investors are still enticed to enter the property market all this will do is jack up prices even further.