If you own a property worth up to $600,000 please take note.
From 1 January 2012, stamp duty concessions will no longer be available to first home buyers of established homes. In a shock budget measure, the NSW Government will limit the concessions to those buying new homes.
Currently, first home buyers pay no stamp duty on properties under $500,000, and receive a discount for properties valued up to $600,000.
This means that, from 1 January, first home buyers will have to pay full stamp duty – amounting to $17,990 for a $500,000 home, and $22,490 for one worth $600,000.
First home buyers therefore have less than four months to take advantage of the concessions. Those who have been hesitating up until now are going to be hugely motivated to enter the market this spring.
If you have been thinking about selling a property valued up to $600,000, now is the time to act. We expect the announcement to cause a significant boost in the under $600,000 price range – with more demand and more competition pushing up prices.
We are contacting our large database of buyers in this sector and preparing for a significant number of transactions.
If you’d like to discuss this further, please call Alex Hart on 0418 245 018.