On Monday, 27 July it was announced by NSW Premier Gladys Berejiklian, that from 1 August, the NSW state government will temporarily axe stamp duty for first home buyers purchasing newly built homes that are valued at under $800,000 (up from the previous limit of $650,000).
This is to support approximately 6,000 first home buyers plus boosting the construction industry. This move will surely help in creating jobs amid the COVID-19 crisis.
The state government will also raise the threshold for stamp duty on vacant land.
The adjustments will last for 12 months and only applies to first home buyers purchasing newly built homes and vacant land.
Estimate from the federal government would be approximately 27,000 grants across $10 billion building projects, supporting 140,000 direct jobs and 1,000,000 related jobs.
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Rachael Bland – Founder & CEO