COFFS Harbour builder Brian Hopwood was cautiously enthusiastic yesterday about the significant changes to stamp duty announced in yesterday’s NSW Budget.
“It’s certainly impressive, at least on the surface,” Mr Hopwood said.
“At least it makes us competitive with other states. Everyone always fires back at me that they can go up to Queensland and buy cheaper.”
The principal of The Edge real estate, Jason Burnett, said the change would bring investors back to NSW.
“Stamp duty is a big slice taken out at the transaction stage,” he said.
“This will help stimulate the rental market and we have a shortage of rental properties.”
Integrity New Homes sales consultant Rob McClennon said any saving when building a home was a good saving.
Mr McClennon said the Coffs Coast was a strong area for construction, so any benefit to the building industry was a positive.
“For those who rely on the building and construction industry, it will be outstanding,” he said.
Integrity New Homes is a “fairly large builder”, servicing an area that stretches along the east coast of Australia from Port Macquarie to The Whitsunday’s and out west.
“When the government stimulus package was in place, it was a huge success for first-time home buyers, so I’ve no doubt this will prove to be a popular incentive too,” he said.
Mr McClennon said there was a noticeable decrease in DA applications in the last quarter, since the stimulus package tapered off.
“So this new scheme has the potential to make (the building industry) more buoyant again.”
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Find more detail on the NSW Government Budget 2010-11 official site.