First home buyers in New South Wales will be pleased to hear that the NSW government has recently abolished stamp duty for newly-built properties under $800,000. An increase of $250,000 from the previous $650,000. Stamp duty discounts are also available for properties priced up to $1 Million.
Stamp duty on vacant land also increased its threshold from $350,000 to $400,000 and will phase out at $500,000. If you’re purchasing a new home for no more than $600,000 or buying land and building a new first home for no more than $750,000, you can also enjoy a $10,000 First Home Owner Grant.
These changes could save you around $30,000 in total.
The year-long move was made to prop up the economy, especially the construction and real estate industry amid the COVID recession. An estimated 6,000 first-home buyers are predicted to benefit from this change.
This is great news for the property market as well as it will encourage more younger buyers to purchase houses instead of apartments. The expected increase in demand will hopefully inject confidence into both home buyers and sellers.
Amid all these changes, cost reduction is still one of the best ways to keep real estate business alive. Improve the performance and productivity of your property managers and agents while enjoying reductions in your administrative costs. Go global and let our team of industry trained professionals handle your back-end activities.
We offer is a co-managed system that ensures that work consistently exceeds your expectations. We are proud to have global team members with an excellent work ethic and an affinity for customer service. They strive to go above and beyond to provide world-class service.
If you’re a real estate business decision-maker give our Head of Growth, Michelle Light, a call on 0499 094 220 for an obligation free consultation.