Yesterday, the NSW Government announced updates to stamp duty thresholds which is set to boost first home buyer activity and housing construction across NSW - all part of the Government’s COVID-19 Recovery Plan.
Under the changes, stamp duty will be eliminated on newly-built homes below $800,000 and will take thousands of dollars off properties up to $1 million. In addition, the stamp duty threshold on vacant land will rise from $350,000 to $400,000, phasing out at $500,000.
The NSW Government is also continuing to offer a $10,000 First Home Owner Grant to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000 in total.
Call SYDNEY CONVEYANCING on 02 6989 4656.