NSW Budget Property Incentives Review
From October 1 the first home owner’s grant for those buying new properties will double to $15,000.
– Existing first home buyer stamp duty exemptions for those buying new homes will remain, and the cut-off threshold for any discount will be increased to $650,000. For the full stamp duty exemption, the property will however now need to be priced under $550,000.
– This first home owner’s grant is promised until January 2014, when will drop back to $10,000.
– Some property forecasters are predicting a significant rise in the prices of new apartments, come the October 1st windfalls and renewed pressure on the market.
– After October 1st, those buying an existing home will lose the current $7000 first home owner grant, for properties priced under $835,000.
– As of July 1st 2012, investors no longer have a zero stamp duty option for off-the-plan purchases or new homes costing less than $600,000.
– From July 1, 2012, this is reduced to just a fixed $5,000 offering for investors of new homes, whether off the plan or newly built, worth up to $650,000.