Housing affordability has become the next political battleground in Australia’s most populous state as the state Labor Party offers to cut stamp duty (a one-off tax to the government) for 46,000 first-home buyers.
New home buyers around the country have struggled to keep up with rising property prices over the last decade; and while there was respite during the pandemic, recent interest rate rises have ratcheted up the pressure again.
New South Wales opposition leader Chris Minns said if elected, his Labor government would waive stamp duty—a one-off tax on property transactions—for new and existing homes valued up to $800,000….