Tweed Nationals MP Geoff Provest is pleased the government will be assisting older buyers as well as boosting the building industry.
Tweed Nationals MP Geoff Provest is pleased the government will be assisting older buyers as well as boosting the building industry. Blainey Woodham

Over 55s to pay no stamp duty

A LARGE portion of the $18.7 million stamp duty raised in the Tweed last year came from those over 55 years of age, but that figure is set to drop dramatically.

On Friday the State Government announced over-55s will pay zero stamp duty when selling their residence to purchase a new home.

Tweed MP Geoff Provest said he was excited about the exemption and what it meant for the Tweed.

“The Tweed is one of the fastest-growing regional areas outside Newcastle, Wollongong and Sydney,” he said.

“Not only will this assist our aging population, it will also have a strong flow-on effect for the local property market.

“Queensland doesn't offer this, and I think it will stimulate the market.”

North Estate Agents principal Mark Humphries said the Tweed will benefit enormously from the announcement.

“Simply put, the best news the NSW property market has seen in two years is expected to result in positive economic growth,” Mr Humphries said.

“With 75% of real estate transactions across the Tweed being made by over-55s, you can appreciate how this exemption will directly affect our local property market.

“To meet demands from Tweed's fast-growing aging population, we have developed a specialised retirement division at North Estate Agents, who are fully educated about the industry and changing legislations to the benefit of both home buyers and vendors.

Mr Humphries said to be eligible for the stamp duty saving, vendors must be selling a primary place of residence, buying a brand new home or an off-the-plan property less than $600,000.

“This represents a saving of up to $22,000 for some retirees that could ultimately change their quality of life,” he said.

The Tweed is set for at least 15,000 new homes in the next three to five years.

The highest percentage of home buyers in my electorate are seniors or people over the age of 55 years,” Mr Provest said.

“About 75% of home purchases are made by people who have moved away from Sydney, Melbourne and Adelaide, or people who are seeking to downsize.

“The average house price within the Tweed is around $500,000, and with the benchmark being set for homes up to $600,000, a saving of $22,000 in stamp duty payments will be realised.

“That is a significant saving, especially given that residents are being forced to pay more for electricity and car registration.

“Residents have seen very little return for the increased taxes that they have paid, but a fresh wind is blowing and reality is returning for the people of New South Wales, and I am pleased to be part of it.”