PHOTO: John McGrath

The NSW government will need to cut excessive property taxes to prevent more home seekers from being shut-out of the housing market, real estate entrepreneur John McGrath has warned.

High stamp duty and capital gains charges have long been an issue for the real estate industry, but the McGrath Estate Agents founder said there was a pressing need for changes given recent market movements.

Sydney property prices increased 3.5 per cent in the past three months alone — after falling for two years — and the recent surge was largely the result of increased demand at a time when few homeowners were listing.

VIEW THE REPORT HERE: McGrath Report 2020