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First National is calling on the NSW government to reduce excessive stamp duty fees, labeling them unnecessary.
The real estate’s chief executive Ray Ellis said state taxes such as stamp duty fees are becoming too taxing for working families to pay.
“Stamp duty has become nothing more than governments gouging money from those who can least afford to pay – working Australian families,” Mr Ellis said.
“Australia has already proven to one of the most expensive property markets in the world and excessive property taxes, like stamp duty, is making it incredibly difficult for new entrants to gain access to the market or for existing home owners to upgrade.”
According to the Demographia International Housing Affordability Survey 2011, residential property in Australia has become increasingly unaffordable.
Mr Ellis said the government needed to step in to address the problem.
“We have a chronic shortage of supply, worsening home affordability and an increasingly tight rental market, which could all be partially addressed with a more realistic approach to property taxes, such as stamp duty.”
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