Geoffrey's Blog

NSW Budget Goodies 12 June 2012

From 1 October 2012 the first home owner grant will double to $15,000.00  for new properties or land to build new home valued up to $650,000.00

  •  First Home Buyers of new properties will pay NO stamp duty on new homes up to $550,000.00.
  •  First Home Buyers of vacant land will pay NO stamp duty up to $350,000.00.

 

  • All other buyers (not first home buyers) of new homes will receive from 1 July 2012 a new $5,000.00 grant If they either buy a new home up to the value of $650,000.00 OR buy vacant land for a new home up to $450, 000.00

NSW State Budget Nasties

  • Loss of $7,000.00 first home owner grant (introduced in 2000) on 1st October 2012 for first home buyers buying an existing home.

What Could This Mean

  1. A rush by first home buyers on cheap properties on the market before 1 October 2012 (exchange date) being the deadline for the $7,000.00 grant.
  2. Great opportunities to put your place if suitable for first home buyers on the market.
  3. Housing stocks will, over the next 2 years be increased in our area to be sold in the future.
  4. Possible slump in the market after 1 October 2012 when first home buyers have to save up stamp duty and no $7,000.00 grant on existing properties.

But realistically our areas are still so affordable compared to Sydney, that we will be Ok!