NSW homebuyers beg for stamp duty relief
First homebuyers in 80 per cent of Sydney's municipalities miss out on NSW's stamp duty concession as property prices escalate. The 25 per cent stamp duty discount cuts out at $300,000 in metropolitan Sydney and $275,000 in regional or rural areas. But it's irrelevant for many people wanting to buy in 36 of Sydney's 43 council areas where the median price is now over $300,000.
The NSW State Government Budget, due to be handed down tonight, won’t contain further stamp duty concessions, despite the Government reaping a 66 per cent rise in conveyance duty over the past three years. A spokesman for the Treasurer Michael Egan said the State Government has provided $320 million in stamp duty concessions since the scheme was first introduced in July 2000. Real Estate Institute of NSW president Chris Fitzpatrick said that in 2000 when the $300,000 threshold was set the median house price was much lower. He called for urgent change.