Professionals Orange Orange principal Pat Cutcliffe believes home buyers and investors need not hold off on purchasing in the Orange property market while the abolition of stamp duty is debated by the State Government.
Known also as transfer duty, stamp duty taxes the sale of all properties in NSW and last year raised $7.5 billion for the state’s coffers, second only to payroll tax.
It has been widely condemned as unfair, creating hurdles for aspiring homeowners and disincentives for those seeking to downsize or relocate for employment.
With many of Orange’s residents employed in health, mining and tourism related jobs, the abolition of stamp duty would remove the barrier for people who often move around for job opportunities, but it would be a shame to see buyers hesitant to purchase while they await the decision, simply to avoid the hefty tax.
Pat believes the underpinning of our local economy by the aforementioned sectors is the very reason buyers shouldn’t hold off on purchasing in Orange if they’ve found their dream property.
“It’s widely accepted the Orange market is one of the best performing property markets in NSW, and over the last 30 years it has shown sustained, solid growth for owners and investors,” Pat said.
He can’t see that changing any time soon. “We believe the benefits received from capital growth in Orange, which continues to be strong, will outweigh any perceived saving people might feel they’re getting by waiting for the stamp duty decision.”
In a post-Covid19 world, the Orange property market will perhaps even be more attractive to our city cousins, who are tipped to make an exodus in favour of cleaner air, sparser population and better value.
