First home buyers cashing in on stamp duty savings
Stamp duty concessions are making it easier for first home buyers to enter the property market.
Stamp duty has been eliminated for first home buyers who purchase properties valued under $650,000 and reduced for purchases of homes valued between $650,000 and $800,000.
Stamp duty concessions have saved more than 35,000 people up to $34,360 each on the cost of their first home since the introduction of the housing affordability package in mid 2017.
Official ABS figures confirmed the number of housing finance approvals for NSW first home buyers has risen by 74 per cent, the highest of any state.
Premier Gladys Berejiklian said buying a first home is an important milestone for many people but it can also be a financial challenge.
“I am so pleased to see so many people being able to buy their first homes thanks to our stamp duty concessions. The number of people receiving stamp duty concessions has more than tripled since these measures were introduced," Ms Berejiklian said.
Treasurer Dominic Perrottet said results are being seen where it matters most, delivering a better future for hard-working Australians.
"There are few outcomes as good, or as important, for a government as helping people plan for their future and raise a family, and that includes helping them buy their first home," Mr Perrottet said.
The top 10 suburbs for stamp duty concessions in NSW include Liverpool, Campbelltown, Kingswood, Camden, Westmead, Riverstone, Gosford, Leppington, Blacktown, Wagga Wagga.