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
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.



more from the adviser
Carolyn Murphy ta Teachers Mutual targets brokers in digital bank launch

Hiver, a new digital bank to be launched under Teachers Mutual, i...

mortgage money house Qld real estate body calls for stamp duty reform

The REIQ has slammed the Queensland government for failing to act...

Alexis Holloway ta Pallas Capital appoints senior credit manager

The non-bank lender has appointed a senior credit manager whose r...