NSW aims for cheaper homes

The NSW Government is contemplating a series of measures aimed at making housing in the state more affordable. On the issue of reducing stamp duty, Housing Minister Carl Scully said that a wholesale reduction in duty is not feasible but a targeted reduction could help those most in need. Other measures being considered include capping prices on 7.5 per cent of the property released by Landcom at between $300,000-$350,000, releasing superannuation for home deposits. A possible shared equity scheme with developer Australand is also being considered under which a charity could take an interest in a property for a limited period. Scully said the NSW Government wants to avoid another “untargeted grant” such as the first home buyers' grant.