NSW stamp duty cut draws first-home buyers

Stamp duty exemptions announced by the NSW Government in April have prompted a fresh surge of first-home buyers back into the property market. Figures from the Office of State Revenue show stamp duty exemption applications have trebled to 2,230 applications with first-home buyers claiming exemptions worth $20.4 million. In the corresponding period in March there were only 740 applications. The mini-Budget also included a new exit tax on investment properties to apply from July 1 as well as an overhaul of land tax.