Gladys to scrap stamp duty for firsties and schmack foreign buyers

Just heard the NSW Prem Gladys B will provide stamp duty relief for first home buyers up to 800K.

Keep dreaming Gladys. Expect prices to keep rising in Sydney.

 

"Premier Gladys Berejiklian said starting July 1, the government will scrap stamp duty on first home buyers on existing and new homes up to $650,000. There will also be stamp duty discounts up to $800,000."

Read more: NSW scraps stamp duty for first-home buyers

 

How would you feel if you struggled super hard for years and just bought your first PPOR and had to pay stamp duty?

 

You'll probably save a bomb on your purchase price. I bought my first home on the day that the FHOG first started in 2000. Prices went up by over 50K in the months following.

 

Sydney was working into a boom at that time.
This time it's coming off a boom.

 

Stamp duty relief already existed, this is just an update to reflect higher medians.
And of course click bate headlines.

"eligible purchasers will be exempt from duty on new homes valued up to $500,000 and will receive concessions for new homes valued between $500,000 and $600,000"

Never any first buyer grants or stamp duty relief in my day...

 

I'd say the Druie and surrounding areas will have a longer run now. Still a fair bit under 650K out there.

 

Search for Sydney homes.
Price: $500k or less
0 result(s) found

 

Actually that's not correct. Almost everybody was convinced that prices would tank after the Olympics.
RE agents, REI, all the experts were loudly saying that RE would take a 20-30% hit.
This was a factor in giving grants as the scare was rather big.

Lucky I went against them and got that one right.

 

The only fhb relief that I have found effective is to buy BMV. It won't save the full SD slug but doesn't contribute to pushing up prices & is equitable as it can be applied equally to all purchasers including investors.

 

For a given FHB with $x cash to spend on a place, won't any further stamp duty concession free up more $ to spend on the property itself, thus driving prices up further?

 

Hi guys how does the new rule affect on buying registered vacant lands and OTP unregistered land?? Any concessions/exempt on buying a priece of land in sydney for 550k?
What about buying a land for 600k?

 

So maybe the starting price for a house in Mt Druitt will be 650K ?

 

This is a great move by Gladys!
The NSW Market is bigger than Sydney, so this will definitely help younger people move out to the regionals.
The move to increase rates on foreigners is also a great measure. It's unbelievable that it has taken this long though

 

We cant move out to regionals, hubby works in telco network and his job is only based in CBD

 

This includes existing homes too. Good for the first home buyers, happy they get a break.

 

Think blue mountains, central coast, south coast.
All regions still having heaps of under 500K properties.
Train ride to city from Central Coast is just over an hour, same as west and south.
Where are you thinking to buy ?

 

Now thinking of buying any townhouse/ unit/ duplex for under 600k-620k within 1 hr commute to cbd for ppor. Close to train line. Any growth area where less chances of price correction even if there is a sharp price fall. Rouse hill? Mount druitt? Leppington? Penrith? I would love rouse hill but cant see anything on RE other than only one apartment existing for sell

 

Have a look around Mt Druitt station.

You should get plenty of change from 600K for something you want.

 

I think this new stamp duty change by NSW Premier will help push the demand for lower end Established houses from first homebuyers (up to 650K)...in Sydney especially...so think lower end suburbs .

As regards the stamp duty surcharge on foreign buyers, I am no expert on OTP apartments but if the OTP is bought by a foreigner for flipping and it is now close to completion and he has to pay DOUBLE the surcharge of stamp duty if he can't find another buyer........

we are talking say $650K apartment, stamp duty is $76K....surely this will reduce substantial potential profits ?