NSW passes stamp duty legislation but will it turn renters into buyers?
Newly passed legislation means first home buyers in New South Wales will be granted increased stamp duty exemptions and concessions - but will it be enough to turn renters into buyers?
Legislation passed at Parliament House (pictured) in Sydney is touted by the NSW Government as saving first-home buyers purchasing a property for $800,000 stamp duty costs of $31,090. (Image source: Shutterstock.com)
In the absence of the complete abolition of stamp duty, the lifting of the exemption threshold for first home buyers is likely to impact regional markets the most.
The median dwelling price across many pockets of Sydney is still too high for the new threshold to take effect.
Legislation passed on Friday (2 June) means first home buyers in New South Wales will be granted increased stamp duty exemptions and concessions from the start of July.
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