NSW first home buyers save more than $1 billion in stamp duty, according to state government.
First home buyers have saved more than a billion dollars in stamp duty courtesy of the 2017 Housing Affordability Strategy, according to the NSW state government.
The report shows that more than 67,800 home buyers have now taken advantage of the opportunity to save (up to) $24,740 in stamp duty when purchasing their first home.
The scheme eliminates stamp duty for first home buyers purchasing a new or existing property valued up to $650,000 and provides stamp duty savings for purchases of homes valued between $650,000 and $800,000.
The First Home Owner Grant of up to $10,000 is also available for new housing constructions valued up to $600,000, or for land and a new construction you intend to build valued up to $750,000.
Premier Gladys Berejiklian said her government was delivering on its promise to make it easier for people to own a home.
“I made it a priority to help first home buyers get the keys to their first home and today’s figures show we are doing just that," Berejiklian said.
The share of first home buyers entering the NSW property market has increased from 17.3% in July 2017 to 27.5% in July of this year, according to ABS lending data.
Recent figures from the Australian Bureau of Statistics’ Lending to Households and Businesses report show lending to first home buyers had the biggest increase of all lending categories, with a 6% jump in July.