The NSW state election will take place on Saturday, 25 March.
Ahead of the election, major and minor parties have pitched voters their policies to address rising housing stress.
Here’s a summary of the housing policies being proposed for the NSW election.
The context
To counter inflation, the Australian Reserve Bank has increased the cash rate ten consecutive times, which has made most mortgages more expensive.
There’s also a renting crisis, with rents currently rising at the fastest level in over a decade.
Recent data from PropTrack found that about one in 10 properties are currently advertised for under $400 per week in Sydney, compared to about one in five the year prior.
NSW Coalition housing policies
Last year, the NSW Coalition Government passed a law to support people buying their first home. The legislation allows first home buyers to choose between paying an annual property tax, or the one-off stamp duty payment.
During the election campaign, the Government has made new commitments to support renters. This includes extending end-of-term fixed-term lease notice periods from 30 to 45 days, and banning ‘no grounds’ evictions.
Listen to The Daily Aus’ interview with NSW Premier Dominic Perrottet here. Post continues below audio.
NSW Labor housing policies
NSW Labor has said they would scrap the Government’s recently-passed stamp duty reforms.
Instead, they plan to abolish stamp duty for properties up to $800,000 for first home buyers, and offer a discounted rate for those up to $1 million. They estimate their policy would apply to 95% of all first home buyers.
Labor also proposes establishing an official rental commissioner to support renting rights in NSW, including by drafting legislation to elevate fairness and affordability in the market.
You can watch The Daily Aus’ interview with NSW Labor Leader Chris Minns here. Post continues below.
The Greens housing policies
The Greens have proposed a suite of measures generally targeted at supporting renters and enforcing stronger restrictions on landlords.
This includes implementing a rent freeze for tenants, and adding waterproofing and heating as a minimum standard for rental accommodation.
Allowing renters to have a pet and ensuring internet access have also been proposed as new regulatory standards.
