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New state transfer duty data has shown a record 26,137 dutiable transactions took place in New South Wales across June 2021 — topping off a massive year for real estate.
The Real Estate Institute of New South Wales said the data reinforces the point that “the property industry is the most important in the state — and it’s more important than it has ever been before”.
It’s been reported that the 26,317 dutiable transactions is the highest number ever recorded in any month in Revenue NSW’s online recorded history.
Netting a total of $1,161,990,894 for the government’s balance sheet, it’s $370 million more than the NSW Treasurer had predicted would take place over the month, and forms the “second-highest amount of transfer duty revenue ever collected in any month in Revenue NSW’s online recorded history”.
According to REINSW CEO Tim McKibbin, it was already clear that the real estate industry was “rescuing” the state’s economy based on figures contained in the NSW budget last month.
“However, [the] new figures show that the rescue effort has been even more profound than first realised,” he said, with the REINSW emphasising the total dutiable transfer tax pool as totalling $9,748,371,524 in revenue for the 2020–21 financial year.
The CEO added that “it’s clear that the COVID recovery is being led by the real estate industry”.
From his perspective, it reinforces the need for the NSW government to work with the industry, while also providing “a better environment for engagement between consumers, the industry and government”.
“The Property Services Council Bill 2021 will establish an environment to support precisely this outcome,” the CEO continued.
“The bill, which has passed the upper house and will be debated in the lower house when Parliament is in a position to resume, will create a better environment for engagement between consumers, the industry and government.”
He explained: “It will promote the development of good policy to address issues before they cause consumers harm. It will also mean the state’s economic powerhouse will be overseen by a regulatory authority exclusively focused on the industry.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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