Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

NSW home buyers score win in budget

Staff Reporter 1 minute read

Home buyers in New South Wales have been buoyed by a surprise halving of stamp duty commitments in what the state government has entitled the Housing Construction Acceleration Plan.

In the state’s budget, handed down yesterday, state treasurer Eric Roozendaal said people buying homes under $600,000 would be offered a 50 per cent reduction in stamp duty on newly constructed homes, effective from the new financial year.

With 82 per cent of all properties sold in NSW coming in under the $600,000 mark, Mr Roozendaal said this cut would help kick start the property market.

“This is a building and jobs bonanza. A $64 million kick start for the housing construction industry that will support employment in every part of the state – and put up to $11,245 straight back into the pockets of home buyers and investors,” he said.

The state government’s $3,000 first home buyer contribution has also been extended to end June 2010.

Meanwhile yesterday’s Queensland budget included the removal of transfer duty for first home buyers on blocks of land worth up to $250,000 – up from $150,000.

NSW home buyers score win in budget
default
TheAdviser logo
default

 

more from the adviser
regulation rules AFCA amends complaints rules following court case

The financial services ombudsman has changed its rules after the ...

meeting top view ta 62c1 Half of home owners wary of bank refinance advice

One in two borrowers does not believe banks always have their bes...

house sold Hot Property: The biggest property headlines from the week 18-22 January

Here’s the weekly round-up of the biggest news stories from acr...

FROM THE WEB