Symond’s property sale windfall for NSW Government

The NSW Government will be the big winner of the sale of John Symond’s Point Piper mansion, according to the Real Estate Institute of New South Wales.

REINSW CEO Tim McKibbin said the NSW Government must be delighted by the news that John Symond has put his property on the market.

“NSW Premier Mike Baird and Treasurer Gladys Berejiklian must be rubbing their hands together with delight,” REINSW CEO Tim McKibbin said.

“With the property expected to fetch in excess of $100 million and stamp duty remaining unadjusted for bracket creep for the last 30 years, the NSW Government is expected to earn at least $6.94 million if the property is sold to an Australian or $10.94 million if sold to a foreign buyer.

“The sale of this property should prompt the government to finally address bracket creep, which would make such a difference to first homebuyers.

“NSW transfer duty revenue for 2015-16 was more than $1 billion over Budget at $8.887 billion and is budgeted at $8.777 billion for 2016-17. It is time to review stamp duty rates and help those who are trying to enter the property market,” Mr McKibbin said.

The property at 2 Wingadal Place, Point Piper was purchased by John Symond in 1999 for $10.89 million and has been listed with Bill Malouf of LJ Hooker Double Bay and Ken Jacobs, of Christie’s International.

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