NSW Labour Govt

[tonyc00]

Hi

I've just read yet another real estate / property investment article which speaks about the lagging NSW economy and the depressed state of the housing building approvals in NSW.

What astonishes me is the passive nature of such commentators as to principle cause of the demise of the NSW property market.

I remember how the Carr / Egan Lab Govt in 2003 actually extended land tax to all investment properties and at the same time introduced a 2.25% vendor stamp tax on the profit from the sale of property - all in the name of taking the "heat" out of the property investment market in NSW.

At the time - 2003 - many commentators said it would depress the NSW property market for years to come, it would drive property investors to other states/ territories, and move finance into other forms of investment.

Carr/ Egan disagreed.

History will show that their judgement has (virtually) wrecked the NSW housing market, and in doing so dragged down the main driver of the NSW economy.

Very sad.

Tony

 

[acer]

Hi
...in 2003 actually extended land tax to all investment properties and at the same time introduced a 2.25% vendor stamp tax

And the sad thing they were suppose to reduce state taxation as part of the GST implementation. Even when they reversed their decision and re installed the land tax threshold, they lifted landtax from 1.4 to 1.7%, so the tax net was maitained but paid by fewer.

 

[buzzlightyear]

I've just read yet another real estate / property investment article which speaks about the lagging NSW economy and the depressed state of the housing building approvals in NSW

Would have thought low housing approvals, would be good for incumbent property holders, as supply is not being added to. Demand must be increasing with immigration & household formation rates....

NSW is a pretty large market, property prices couldn't be distressed or stagnant across the whole state?

 

[The Fence]

Hi

I've just read yet another real estate / property investment article which speaks about the lagging NSW economy and the depressed state of the housing building approvals in NSW.

What astonishes me is the passive nature of such commentators as to principle cause of the demise of the NSW property market.

I remember how the Carr / Egan Lab Govt in 2003 actually extended land tax to all investment properties and at the same time introduced a 2.25% vendor stamp tax on the profit from the sale of property - all in the name of taking the "heat" out of the property investment market in NSW.

At the time - 2003 - many commentators said it would depress the NSW property market for years to come, it would drive property investors to other states/ territories, and move finance into other forms of investment.

Carr/ Egan disagreed.

History will show that their judgement has (virtually) wrecked the NSW housing market, and in doing so dragged down the main driver of the NSW economy.

Very sad.

Tony

I'm totally with you Tony !

It's been my grief ever since those two put the sword to the NSW markets and until now not many folks have showed their understanding of the ramifications of their stupid decision. Look where they are now....both pulled out on a whim....Egan the same day Latham "retired" and Carr......who cares....good riddance....but he ran like a rat from the carcas and is now living the high life of a former pollie who didn't give a rats and just left the game cause he failed miserably and has his investments in NZ, so who cares!

Sorry, but i'm just glad you saw what I saw Tony...

 

[evand]

Successful people will succeed in any environment. Political, economic or otherwise.

I'm sure theres more than a few people who have made a couple of bucks with property in NSW these last few years.

 

[The Fence]

Successful people will succeed in any environment. Political, economic or otherwise.

I'm sure theres more than a few people who have made a couple of bucks with property in NSW these last few years.

Me included..!

I should have pointed out, my grief is not financial stress related but it could have been much better had they not made such stupid decisions as to mess with markets...that is not the job of any Govt. it's the market that rules the price.....they did it to raise more revenue and to put a thorn in the side of the Fed Gov who has to cop the tax deduction loss. State v's Fed.....

I'm long term so it will not mean very much down the track but cashflow is hindered for now because of it.

Anyway, I have moved on so I'll remain quiet again....