Date: 8 June 2010
NSW Treasurer Eric Roozendaal announced as a part of the NSW State Budget, that beginning on July 1st people buying ‘off the plan’ will be exempt from stamp duty for the next two years. NSW has slashed stamp duty to nothing for some home buyers and property investors looking to purchase off the plan under $600,000. This will be for contracts that exchnasge from the 1st July 2010 for a period fo 2 years. This new initiation is another sign that the NSW Government knows there needs to be further stimulus for new property development and construction. Glenn Byres of the Property Council agrees stating “We need new solutions if we are going to close the supply gap and tilt the affordability equation back in favour of homebuyers,” Director Byres said. “The Government has done the right thing in recognising that cuts to stamp duty targeted at new homes will drive supply and lend a hand to homebuyers.” “Sydney faces an enormous task in providing 26,000 new homes a year to accommodate the inevitable growth in population.” Director Byres said. In broader reforms to Stamp Duty, those buying new homes up to $600,000 after the ‘off the plan’ stage will save 25 percent on stamp duty. Purchasers of vacant blocks of land would pay zero Stamp Duty and Australians over 65 who wish to downsize into a newly constructed home up to $600,000 will be exempt from Stamp Duty.
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