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Staff Reporter
Purchasers of new homes in NSW are now eligible for a range of new tax concessions and grants.
The NSW treasurer Mike Baird said in his Budget speech last month that concessions would apply to all buyers of new homes from July 1.
“For too long, housing supply did not keep up with demand in NSW," he said. "Construction of new homes sat at record lows."
The New Home Grant Scheme offers a $5,000 grant to all non-first homebuyers of new off-the-plan or newly-built properties valued up to $650,000.
People buying vacant land valued up to $450,000, with the intention of building a new home, will also get the grant.
Rules around stamp duty exemptions have also been altered for first home buyers of new homes and vacant land.
The stamp duty exemption now applies for properties up to $550,000 - up from $500,000 - with concessions for properties to $650,000, for first home buyers of new homes. The exemption also applies to vacant land purchases worth up to $350,000 (up from $300,000 previously), while concessions will apply for land worth between $350,000 and $450,000.
The first home buyer grant will also more than double from October 1, to $15,000, although it will only apply to new home purchases.
Recent data from the Australian Bureau of Statistics (ABS) showed that the construction of new dwellings in NSW was down by 37.4 per cent on-year in the March quarter.
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