First home buyers and the construction industry will be the big winners under a targeted boost, which will eliminate stamp duty on newly-built homes below $800,000 and slash thousands of dollars for properties up to $1 million.
So what's changing?
New Homes: the threshold above which stamp duty will be charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million.
Vacant Land: the stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000.
The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for a 12-month period, commencing on 1 August 2020. Other purchases will continue to benefit from existing schemes.
The NSW Government will also continue to offer a $10,000 First Home Owner Grant, which is available to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000 in total.
Full Media Release can be found here: https://www.nsw.gov.au/media-releases/
If you have any questions regarding these changes, or you're looking to purchase your first home, get in touch with our expert Property Team on 1800 650 656. We're here to help!