27 July 2020 | NSW Government
First home buyers will be the big winners under a targeted boost, which will eliminate stamp duty on newly-built homes below $800,000 and slash thousands of dollars for properties up to $1 million.
Premier Gladys Berejiklian said the change to stamp duty thresholds would also support new home construction and create jobs as part of the government’s COVID-19 Recovery Plan.
“Thousands of people will see their bank balances benefit from this change – it will help get more keys into more front doors of more new homes,” Ms Berejiklian said.
Under the changes the threshold above which stamp duty will be charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million.
Under the changes the stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000. 27 July 2020 | NSW Government