The New South Wales government is pushing ahead with a $78 million stamp duty relief to support the economy amid the COVID-19 pandemic.
NSW Premier Gladys Berejiklian on Monday announced stamp duty would be eliminated on newly-built homes below $800,000 – the threshold was previously $650,000 – with the concession reducing on higher values before phasing out at $1 million.
The state government expects more than 6,000 first home-buyers to benefit from the changes, in a move set to cost the NSW budget about $78 million.
Berejiklian said the change to stamp duty thresholds would support new home construction and create jobs.
NSW will dump stamp duty for first-home buyers buying new properties worth up to $800,000. Credit: AAP
“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,” the premier said in a statement.
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.