"Nowhere to rent"

Tenterfield Start, 14 April 2005

State Property Taxes cause rental shortage crisis according to a study by the Real Estate Institute of NSW (REI).

Residential vacancy rates in New England have fallen for the second consecutive month to 1.7%.

Of 2,301 rental properties surveyed by the study 40 remained unlet across the region.

REI President Rowen Kelly says people have been discouraged to enter into property investment in NSW by Government tax initiatives.

"The State Government's Vendor Transfer Duty and the abolition of the Land Tax threshold were specifically designed by the former State Treasurer, Michael Egan to deter investment in NSW property.

REI is part of the property industry alliance due to meet the Treasurer tomorrow Friday, April 15 to discuss the impact of the State Government's current property taxation policies.

REI representatives are also meeting with every member of State parliament to discuss the situation before the State Budget is handed down in May.

Further Information

For further information contact:

• Simon Singer
• David Singer