Rental First
NSW Premier Gladys Berejiklian announced on 27 July 2020 that the state government will temporarily remove stamp duty for first home buyers purchasing newly built homes (valued at under $800,000) effective from 1 August 2020.
There will also be concessions available for new homes under $1 million in value (up from the previous limit of $800,000).
Until that time, stamp duty applied to first home buyers that bought homes worth more than $650,000.
This move is expected to support around 6,000 first home buyers while boosting construction and creating jobs in the middle of the COVID-19 crisis.
The government will raise the threshold for stamp duty on vacant land as well.
This will rise from $350,000 to $400,000 and will phase out at $500,000.
Read full article here: https://www.theadviser.com.au/breaking-news/40610-nsw-abolishes-stamp-duty-for-homes-under-800k