NSW Real Estate: Stamp Duty Cut Lures More Than 10,000 First-Timers

MORE than 10,000 first-home buyers flooded the market­ in the four months after the state government’s new stamp duty discounts came into effect.

The concessions came into effect in July, and for the first time it can be revealed how the Berejiklian government’s big Budget cost-of-living measure has propelled a new generation of homeowners into the NSW property market.

The discounts — which save first-homebuyers up to $22,500 off the cost of a $600,000 property — were used by 10,496 buyers from July to October.

It’s a 239 per cent increase on the same period last year, in which just 3094 people accessed stamp duty concessions when they were limited to new properties and vacant land.

It comes as CoreLogic data out this week showed there had been a 59 per cent increase in first-homebuyers entering the market in NSW between June and August.

“This dream of owning your own home has been transformed into a reality for thousands of families since the government introduced its first-homebuyers’ package,” Treasurer Dominic­ Perrottet said.

“The initial figures on take-up tell us families, couple and individuals have responded well to the exemptions.”

He said there was an expectation the take-up of the discount would continue to rise as more first-homebuyers were able to access the market.

The scheme was a key cost-of-living measure in Mr Perrottet’s first Budget in June as he delivered the revenue spoils of a booming state. Premier Gladys Berejiklian said the government was committed to cost-of-living measures.

It is part of the government’s ideological desire to make more people in NSW feel they personally benefit from the state’s economic boom.

The first-homeowners’ stamp duty concessions joined the government’s energy rebate and green slip reduction as key measures to ease pressure on households.

“We’re committed to easing the cost of living for people,” Ms Berejiklian said.

“We wanted people to be able to say goodbye to their landlord or let their parents be empty-nesters and set down roots.

“To know thousands of people will be in their first home this financial year because of this support from the government is a wonderful result.”

Under the scheme, stamp duty is eliminated completely for properties up to $650,000, while discounts are also available between $650,000 and $800,000. The first-homeowner scheme cost the government $1.1 billion, but was partly paid for by a hike on tax paid by foreign investors.

SOURCE: The Daily Telegraph
POSTED: November 3, 2017
AUTHOR: Anna Caldwell

@Jurds Real Estate – Cessnock and Hunter Valley Wine Country Property Experts – the place to buy, sell and lease property in Cessnock and the Hunter Region.

The Daily Telegraph
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NSW Real Estate: Stamp Duty Cut Lures More Than 10,000 First-Timers