Ahead of the NSW election, on Saturday 25 March, parties are pitching their policies on housing affordability.
Here’s a summary of some key measures on offer from major and minor parties.
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.
The Coalition
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 fixed-term lease notice periods from 30 to 45 days, and banning ‘no grounds’ evictions.
Labor
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. They’ve also promised measures to support renters around fair reasons for eviction.
The Greens
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.
