1. Ministerial order revises industry operating hours
1.1. The New South Wales Government has announced they will temporarily axe stamp duty on new homes under $800,000.00 in an attempt to encourage growth in the construction industry and boost the economy broadly.
1.2. The changes implemented increase the threshold for stamp duty risen from the current cap of $650,000.00, and will only apply to new built homes and vacant lots
1.3. The move is predicted to see thousands of new home buyers save tens of thousands of dollars on new residential builds, and boost residential housing construction across New South Wales broadly.
1.4. Homes purchased at the median Sydney house price of a little over $1.1M attract nearly $50,000.00 in stamp duty. The Berejiklian Government’s move will likely save prospective buyers between $30,000.00 and $40,000.00.
1.5. The first homeowner grant will also continue to apply, which entitles homeowners purchasing their first property to $10,000.00 for homes worth not more than $600,000.00, or those constructing a new dwelling on land worth no more than $750,000.00.
1.6. The scheme will commence on 1 August 2020, and be in place for 12 months.