On the 27/07/2020 the NSW Government published information regarding the temporary stamp duty exemption targeted to first homeowners looking to purchase newly built properties and vacant land with the objective boosting the construction industry.
This is fantastic news for property developers who should benefit from an increase in pre-sales.
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.
The government forecasts more than 6000 first home buyers will benefit from the changes, saving eligible first homebuyers thousands of dollars.
The changes which commenced on the 01/08/2020 will last for a 12 month period. The NSW Government will also continue to offer a $10,000 First Home Owner Grant, which is available 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.
How are your pre-sales travelling a
long? Have you already seen an increase in sales by first home buyers?
For Further information refer to the NSW Government Link below: