June 2021 Update: Are you here to learn about the proposed changes to Stamp Duty in NSW? Click here to see how it may affect you.
The NSW state government has announced it will temporarily axe stamp duty on newly built homes under $800,000 for first home buyers. In an effort to boost construction and create jobs amid the COVID-19 crisis.1 For further information on the NSW stamp duty changes and eligibility criteria, click here.
While further details of this change are still expected to be announced here is what we know so far.
What are the changes?
Under the changes, the threshold for stamp duty being charged on newly-built homes for eligible 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
As well as increasing the stamp duty threshold for newly-built homes, the government will also raise the threshold for stamp duty on vacant land. This will rise from $350,000 to $400,000 and will phase out at $500,000 for those who are eligible.
The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes.