The share of first home buyers entering the NSW property market reached 27.5 per cent in July 2019, up from 17.3 per cent in July 2017, according to the Australian Bureau of Statistics.
First home buyers have saved more than $1 billion in stamp duty since the NSW Government introduced its Housing Affordability Strategy in July 2017.
More than 67,800 home buyers have benefited from the opportunity to save up to $24,740 in stamp duty when purchasing their first home.
For first home buyers, the Housing Affordability Strategy:
- abolishes stamp duty on all homes up to $650,000
- gives stamp duty relief for homes up to $800,000
- provides a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000
- abolishes insurance duty on lenders’ mortgage insurance
- ensures foreign investors pay higher duties and land taxes
- no longer allows investors to defer paying stamp duty on off-the-plan purchases.