The NSW State Government has announced that First Home Buyer Stamp Duty exemptions will be available for new homes up to $800,000.
In a very welcome move from the NSW State Government, this temporary increase in the stamp duty concessions will support many first home buyers entering the property market sooner.
From 1 August 2020 the changes will see the stamp duty exemption limit increased from $650,000 to $800,000 for the purchase of a newly built home. The stamp duty concession will also increase to cover newly built homes from over $800,000 up to $1 million in value.
The Government is forecasting that this change will assist more than 6,000 first home buyers, which have traditionally been under-represented in the NSW market, particularly in Sydney. This boost will have positive outcomes for the property industry and the NSW economy as a whole.
Following the release of the NSW HomeBuilder grant of $25,000 along with the existing $10,000 first home owners grant, first home buyers in NSW should be looking to a new home as a real option to take up home ownership.
Explore our NSW projects below with apartments under $800,000.