NSW Treasurer Gladys Berejiklian has declined to rule out introducing stamp duty or land tax surcharges for foreign buyers of residential property after her Victorian counterpart declared the measures had not devastated investment in that state.

On Friday, Victorian Treasurer Tim Pallas announced surcharges introduced last year on stamp duty and land tax payable by foreign buyers of residential property would be increased.

In December, Gladys Berejiklian warned there were signs the NSW property market was cooling and growth from residential stamp duty "is moderating". Credit:Daniel Munoz

Mr Pallas said his budget this week would increase the stamp duty surcharge from 3 per cent to 7 per cent and a land tax surcharge for "absentee owners" would rise from 0.5 per cent to 1.5 per cent.

He said the introduction of the surcharges in 2015 had "no adverse" effect on the property market and foreign investment had continued to grow.