First home buyers back in the game in NSW
Thousands of first home buyers have rallied to take advantage of stamp duty exemptions available since the introduction of the NSW Government’s new relief package.
New figures from Revenue NSW show 10,496 individuals and families have secured the keys to their first home with the help of the First Home Buyers Assistance Scheme since July, representing a 239 per cent increase compared to the 3,094 over the same period last year.
Ray White Macarthur Group associate partner Brendan Lappan recently sold this four bedroom home in Campbelltown to Jayden Clarke and his partner Taylor Handel for $605,000.
Mr Clarke, a carpenter, said he’d been saving since he was an apprentice and he was impressed that he didn’t have to pay any stamp duty.
The Macarthur Group – with offices in Campbelltown, Narellan, Camden, Bardia and Ingleburn – sell a lot of stock to first home buyers and welcomed the stamp duty relief.
Premier Gladys Berejiklian said the data shows the government’s cost of living measures were making a real difference.
“We are thrilled that people are taking advantage of the exemptions which are slashing the cost of purchasing their first home,” Ms Berejiklian said.
“We know that saving up for your first home can be difficult, and so removing or reducing the amount of stamp duty is helping lower the hurdle for first home buyers.”
Mr Perrottet said the figures are the highest they have been in five years of people using government relief to achieve the great Australian dream.
“In just a few short months our reforms have changed the game for first home buyers in New South Wales,” Mr Perrottet said.
“Few things are more important than having a place to call home, and this data clearly demonstrates that the stamp duty exemptions are helping more people to achieve that.”
Under the First Home Buyers Assistance Scheme, stamp duty is eliminated altogether for properties up to $650,000 while concessions are also available for between $650,000 and $800,000.
The changes enable first home buyers to access stamp duty relief for both new and existing homes.