An overwhelming majority of voters in New South Wales want the government to kick-start the state?s economy by stimulating housing construction, according to a new poll.
The NSW public who are heading to a state election on March 24 also want the removal of stamp duty on new dwellings as the solution.
According to the UResearch survey of 600 people commissioned by the Property Council of Australia, seven out of ten voters believe much action is needed to address a worsening housing market.
The survey findings add weight to the Property Council and Residential Development Council’s call for the major parties to commit to abolish stamp duty on new dwellings.
Research by BIS Shrapnel showed abolishing stamp duty on new dwellings would help stimulate the construction of an additional 6,000 dwellings annually and help alleviate a future 58,000 dwelling shortfall.
In addition, it would generate $1.35 billion worth of building activity and create 8,000 additional construction jobs.
Property Council’s NSW executive director Ken Morrison said without intervention, record low levels of construction activity is expected, resulting in massive rent and price hikes in coming years.
“Seven out of ten voters want the state government to act to avert a housing crisis.
“Most voters think stamp duty on new dwellings should be abolished to get housing construction and the economy ticking. Voters clearly don’t want a state government that sits on the sidelines. Voters believe the state should act to stimulate the economy in this way,” Morrison said.
Finally, the poll found 51% of voters would feel more favourable towards the party, which is prepared to get off the sidelines and remove stamp duty on new dwellings.
Australian Property Journal
Summary UResearch – voter attitudes to the abolition of stamp duty on new dwellings
Key findings include
- Voters differentiate between the strength of national economy and sluggishness of the NSW economy
- 71% think the state government should consider ideas to stimulate housing construction activity in NSW
- 51% of respondents would feel more favourable towards a political party who announced this policy, compared to 5% less favourable
- Strong support for removal of stamp duty on new dwellings:
- 75% believe it is a good idea
- 31% name it as the best policy choice (compared to alternative options tested)
Positive message
- 85% agree it would generate construction jobs
- 79% agree it would boost construction activity, and
- 79% agree the government needs to do something to boost property construction
- 76% agree it would expand the supply of housing in NSW
- 76% agree it would make new residential housing more affordable and encourage investors back into the market
- 75% agree it would enable empty nesters to down shift, thus freeing up family homes for young families to buy
