NSW Stamp duty changes in nsw

Hi I have almost finalised price with the vendor but he is insisting me to sign asap.. conscious that there is a change coming over soon on axeing stamp duty in nsw, do you prefer to wait? Risk is that I may miss that house if someone picks it up..

Please advice asap

Thank you

 

I don’t think stamp duty changes are going to come in the next few days
May be in months or say a year

 

What changes?
And how will stamp duty affect the seller as it is the buyer that pays.

 

Thanks for the reply..Iam a buyer not seller. There is some news I heard in the coming budget there is a chance to remove stamp duty..not sure if this is true or should I hold back?

 

Yes - so wouldn't it be to your advantage to wait?

 

Depends on how badly you want the house.

 

Similar situation, come on Scomo/Frydenbug what's the point in leaving us hanging. Bet all there mates know..

 

SD is a state issue, not going to happen in the latter years of an election cycle.

 

Thought the feds said they wouldnt pay the states any extra if they changed stamp duty. So states would have a budget hole they cant fill.

 

Isn't land tax going to go up to cover it?

 

This is all basically a concept at the moment. Until the State government releases a policy on this, relevant framework and legislation, it is nothing to get too excited about or base your investment decisions on. Land tax will cover the 'hole' eventually, i.e. 10 years+, until then there will technically be a period of stamp duty and increased and/or wider land tax. All depends how high and wide the government is willing to stretch it's land tax policy...

 

As mentioned above, it may be a while until this is actually comes into play and when you can use it.

Hence its really up to you if you like the property that much to buy now - considering there may be other buyers out there who will act now and not wait if you don't.

Otherwise you could always wait and see if this policy will actually come through and use it at a later stage (potentially on another property and not this one)

All the best!

 

Not going to happen any time soon. There is confidence back in the market so why would they get rid of a cash cow when everyone is exchanging again?

 

If stamp duty is abolished...what do you think might happen to the houses prices ?

It definitly won't go down

 

That's right - they'll move to an option of you either pay stamp duty up front - or land tax on your personal residence each year (currently exempt). I read somewhere that, if you plan on holding a property more than 10 years, it'll be cheaper to pay the stamp duty up front