A boomer politician who owns a very expensive investment property says punishing landlords will end up hurting renters.
NSW Opposition Leader Mark Speakman, 64, rents a four-bedroom house worth $6 million in Woollahra, in Sydney’s east.
He argued that Labour’s land tax plan, announced in Tuesday’s state budget, would hurt not only landlords but also renters, with Sydney’s rental vacancy rate at an ultra-low 1.4 per cent. hundred.
“The last thing to do in the middle of a housing crisis, while people struggle with the cost of living, is to increase land tax, which means higher costs passed on to struggling tenants and business owners.” , he told Daily Mail Australia. .
State Treasurer Daniel Mookhey’s second budget aims to raise $1.5 billion over four years by freezing the land tax threshold at $1.075 billion.
“These are modest adjustments in the context of a generational housing crisis,” he said.
‘The government has been straight with the people of New South Wales.
New South Wales opposition leader Mark Speakman, 64, rents a $6 million four-bedroom house in Woollahra, eastern Sydney (pictured, left, with his Liberal MP Natalie Ward).
“We intend to pull every lever we can to tackle the housing crisis and build the homes the people of New South Wales need.”
As housing prices rise, more homes will have land values above $1.075 million, meaning more homeowners will pay $100 plus a 1.6 percent tax, reaching land values of $6.571 million. of dollars.
The land value of Mr Speakman’s Woollahra property is estimated at $4.54 million, meaning he already pays $55,540 a year in land tax.
But with Woollahra’s median house price rising 10.3 per cent over the past year, you are likely to have to pay even more land tax as the value of your investment home continues to rise.
Speakman, who gave his budget response speech on Thursday, said Labor’s decision to freeze land tax indexation was “a sneaky tax grab and is the result of the Labor Party’s budgetary mismanagement.”
Mr Speakman receives $2,825 a week, or $146,900 a year, to rent his four-bedroom house in Woollahra.
Property records show the former practicing lawyer paid $1.3 million for the Weeroona Avenue home in March 2011. It is now worth about $5.9 million.
The land value of Mr Speakman’s Woollahra property is estimated at $4.54 million, meaning he already pays $55,540 a year in land tax.
Property records show the former practicing lawyer paid $1.3 million for the Weeroona Avenue home in March 2011, the month he was elected to Cronulla in the Sutherland Shire, next to Sydney Beach, in the election that ended 16 years of Labor government.
CoreLogic estimates that this house and land asset would now be conservatively worth $5.9 million in an upscale suburb where the median home price is $4.9 million.
The estimated $6 million value of his Woollahra home could buy four mid-priced homes in Sydney worth $1.4 million, or six homes in an outer south-west suburb like Liverpool, where $1 million It is the middle point.