First home buyers are set to benefit from the recent changes to stamp duty, announced on Tuesday by NSW Premier, Gladys Berejiklian.
From today (1 August 2020), stamp duty will be axed for first home buyers, on newly built properties up to $800,000 in value. The previous threshold was $650,000.
“Thousands of people will see their bank balances benefit from this change - it will help get more keys into more front doors of more new homes,” said Premier Berejiklian.
“It will also boost housing construction across NSW and support jobs in the building industry at a time when we need them more than ever before.”
There will also be stamp duty concessions on properties above this $800,000 threshold, with the concessions phasing out at $1,000,000.
Additionally, the stamp duty threshold for vacant land will increase from $350,000 to $400,000.
The changes will be in place for 12 months starting today, and only apply to first home buyers purchasing newly built property or vacant land.
If you’re a first home buyer, now is a great time to consider buying - there are many government schemes currently in place to assist with purchasing. Call us on 4228 0888 to discuss your options, or to find out more about what properties we have available.