NSW FHB stamp duty to be slashed as part of COVID-19 recovery plan

  • By Peter Gordon
  • •
  • 27 Jul, 2020

If you've been thinking of purchasing your first home in Sydney, there's never been a better time to buy. Great news about the elimination of stamp duty for newly built homes under $800,000. On top of this, if you're eligible you may be able to receive the Federal & State grants, and rebates to assist you in purchasing your own home.

First home buyers and the construction industry will benefit greatly from the elimination of stamp duty on newly-built homes below $800,000 and a reduction in thousands of dollars for properties up to $1 million.

Premier Gladys Berejiklian said the change to stamp duty thresholds would also support new home construction and create jobs as part of the Government’s COVID19 Recovery Plan.

“Thousands of people will see their bank balances benefit from this change - it will help get more keys into more front doors of more new homes,” Ms Berejiklian said.

“It will also boost housing construction across NSW and support jobs in the building industry at a time when we need them more than ever before.”

Under the changes the threshold above which stamp duty will be charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million.

The Government forecasts more than 6,000 first home buyers will benefit from the changes, saving eligible first homebuyers thousands of dollars.

Under the changes the stamp duty threshold on vacant land will rise from $350,000 to $400,000 and will phase out at $500,000. The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for a 12-month period, commencing on 1 August 2020.

The NSW Government will also continue to offer a $10,000 First Home Owner Grant, which is available to people buying a new first home worth no more than $600,000, or buying land and building a new first home worth no more than $750,000 in total. This means the maximum amount of benefit a home owner could be entitled to is $32,335 if purchasing a new home and accessing the grant.

Article courtesy Property Observer 27 July 2020

If you've been thinking of purchasing your first home in Sydney, there's never been a better time. If you're eligible you may be able to receive the Federal & State grants, stamp duty concessions and rebates to assist you in purchasing your own home.

Contact us we will show you how you can access the following in NSW and what you need to do.

 - $25,000 Homebuilder Grant

 - $10,000 First Homeowners Grant

To organise a Zoom meeting with Peter click here

Introducing The Palms Estate, Cairns - The Northern Beach's Premier Address

By Peter Gordon • April 26, 2023

Quiet simply, the Palms is the place to buy!

The northern beaches of Cairns is the Nation's best location for property investors right now, and The Palms is the premier development in this boom region.

It has the best location being elevated and backing onto the rainforest. It will have amazing facilities with a shopping village, a primary school, parks and green open space, a water park and an expanse of wildlife corridors.

It has taken the developers three years to get planning approval for this unique development to be able to hit the market. There are only 300 lots spread across 85 acres of the best land in The Northern Beaches.  Residents will have an abundance of open space right at their doorstep.  The Palms is also the only Certified Enviro Development project in Far North Queensland.

> Cairns Snapshot

In the rivalry between Sydney and Melbourne, the winner is ... Brisbane

By Peter Gordon • April 20, 2023

Sydneysiders and Melburnians, put aside your equally outstanding flat whites for a moment. Stop bickering about whether great beaches beat cool laneways (they do) and desist from debating whether all baristas require waxed moustaches (ideally).

Because Brisbane is closing in on the title of Australia’s best city, and we must join forces to keep this subtropical upstart in its place.

Time  magazine recently named Brisvegas on its “World’s Greatest Places” list, and omitted our cities. It’s a huge shock (and who knew they still published Time  magazine?). But they might be onto something.

Time  points to the 2032 Olympic and Paralympic Games, which will be hosted in the maroon metropolis. Brisbane will do a fine job, even though it’ll baffle the world when rugby league is added to the schedule and Queensland is allowed to field its own team.

Time’s  most radical claim is that Brisbane is worth visiting now, but tourism is surging. Not only did Lin-Manuel Miranda recently drop in to catch Hamilton , but hundreds of Hamilfans flew up to watch his interview with Leigh Sales (presumably unaware that it would subsequently arrive on iView for free).

Incredible Lifestyle At An Affordable Price  Equity of approx $390K on completion

By Peter Gordon • April 6, 2023
This small duplex development just a short drive from Hervey Bay on Queensland’s beautiful Fraser Coast, offers an incredible lifestyle at an affordable price. With unprecedented demand and very limited supply, prices look set to skyrocket.

A leading local agent has appraised each side of these duplex's to be worth $665k on completion and rent for $495 per week. So that is massive potentail instant equity of up to $390K on completion, which is incredibly hard to find.
Show More
Share by: