First home buyers pounce on stamp duty concessions

Artists impression of a new complex when complete

The generous stamp duty concessions introduced by the NSW Government have been the subject of a motion by Member for Terrigal, Mr Adam Crouch.

Speaking in the Legislative Assembly on February 14, Mr Crouch said: “More than 19,000 people bought their first home since the NSW Liberal-Nationals Government introduced generous stamp duty concessions. “This is more than triple the number for the same time last year,” he said. “Housing affordability directs every single family across NSW. “It is this Liberal-Nationals Government that is delivering on its promises to improve housing affordability thanks to our Housing Affordability Package announced as part of the 2017 budget. “This Government has abolished all stamp duty for first home buyers on new and existing homes costing up to $600,000, and has introduced stamp duty discounts on homes costing up to $800,000.

“But it does not end there. “The Government is abolishing stamp duty on lenders’ mortgage insurance, which would save a first home buyer around $2,900 on a home with an average cost price of $800,000. “Statistics released this week show that the new measures are being very widely used and ultimately are having a very positive effect right across NSW. “For example, in the Gosford region on the Central Coast, the number of first home buyers taking up stamp duty relief in 2017-18 is nine times higher than in 2016-17—an increase from only 35 first home buyers in 2016-17 to 316 in 2017-18. “That is the sixth-biggest increase across the entire state. “Further north, in the Wyong region, the number of first home buyers taking up stamp duty relief has increased by more than 250 percent.

“I am sure the member for Wyong will be very happy with that announcement. “It has gone from 78 homes in 2016-17 to 224 in 2017- 18,” Mr Crouch said. Shadow Minister for the Central Coast, Mr David Harris, said he welcomed any relief for first home buyers but it was important to look at the bigger picture. “ABS data that is being cherry-picked also shows that last year there were 9,188 more first home buyers in Victoria and 2,047 more in Queensland when compared with NSW,” Mr Harris said “NSW average mortgages are also $23,000 higher than in Victoria and $82,000 higher than in Queensland,” he said.

Source: Hansard transcript, Feb 14 Adam Crouch, Member for Terrigal Media statement, Feb 27 Zachary Harrison, office of David Harris

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