NSW First Home Buyer stamp duty exemptions - Existing properties

I think that first home buyers had better go and buy up every single thing they can in Sydney and indeed in Newcastle and everywhere in between. In 10 years time they will be making fortunes from raised rents and increased capital gains. They have been given this opportunity to buy in their own country now, by the very maternal Gladys goverment who really cares about them and wants them to secure their future against the foreign influx that is about to occur while the goverment goes on an infrastructure building boom that will support a massively increasing Australian population, that they must do now while interest rates are low to keep everyone employed.

 

Australia will be a country increasing in 500000 people per year over the next 5 years. We will see a jobs in infrastructure as projects start. Good times ahead.

 

All the chinese migrants I associate with, don't know where Newcastle is on the map, let alone Perth and Karrinyup South.

 

Don't worry they know where Sydney is and when the road signs are changed to Chinese and you are living in Perth then they will know where Perth is.

Sydney is on its way to becoming a colony of China. In 50 years mandarin will be the language spoken in Parliament. Australians will lose their country because they love the prisoner mentality. Screw your mates over for a quick buck and keep the man happy. Meanwhile the man is screwing them over and doing the bidding of the banks and big boys from her maj's Britain.

 

So get rich on their rise or you will become their slave

 

I dont think they even want to where they're bidding and buying when they are actually buying, specially those online biddings. thats how and why they bid 200k over asking price and snap up a property at an auction !!!

 

Just had a catch up with a local agent around the Parramatta region. In between the meeting they were frantically convincing a first home buyer on the phone to sign a contract. They said first home buyers (FHB's) have been sitting on the sidelines waiting for 1st of July. This buyer was told that for the $625k property they'd be paying $650k in July.

Can understand the predicament because every dollar not paid towards the stamp duty can mean a difference in purchase price. In the above example, 25k may mean a deposit allowing another $250k on the purchase price on a 90% LVR purchase (servicing permitting).

They also suggested at a recent open home they had 17 buyers show up. 2 were investors and 15 first home buyers...That's telling

 

I seriously doubt it - people are just trying to generate hype thinking that they can increase prices even more. The Sydney boom, especially for anywhere within reach of this grant, is done IMO

 

It's straight from what the agents are saying! It's human psychology.

 

Yes, of course they'll say that though - it's how they get paid. They want people to have a FOMO and pay over the odds for that reason. I'm sure some people will do it but not in the huge numbers that are claimed.

 

I have a feeling

Many opinionated people commenting on this forum live on the other side of the harbor bridge and don't travel past paramatta. yet they know everything because its just simple cycles at the end of the day

 

It's all just speculation - no one has a crystal ball

 

You're missing the point. It was an informal meeting. No agendas in that discussion from the agent.

 

That 2009 cyan spike is beautiful.

 

I remember 2009-2010... I had a 2br West Ryde unit. It went from ~260k to ~360k during that time largely thanks to the FHB demand.... now you are looking around 600k for the same thing. While paying 100k more seemed like a lot, if it's now worth 600k, i'm sure those FHB who jumped in at about 360k are happy.
This time around... well, over the long term, well located property will have a tendency to go up in value. I think this helps existing owners a heck of a lot though. And we don't really need another boost since we've had so much growth since 2013 already...

 

What are the restrictions on these initiatives?
Similar to original grants... have to live in for 6M within first 12M? Defacto with property=ineligible...

Does anyone have a link to this info?

 

Frequently asked questions: Frequent questions | Office of State Revenue

 

Agreed, fundamentals have gone out the window...

 

Is there any way for me to buy a first home that i dont live in and still be exempt from stamp duty? Id like to buy near Newcastle but currently work 2 hours west of it so travel daily would be a killer. Ideally id rent it out but since i cant do that could i leave it empty and rent closer to work or perhaps live half a week in my first home and half in the rental?