Thousands of first home buyers benefit from stamp duty relief
Sunday, 11 February 2024
The NSW Government can today reveal more than 18,700 first home buyers have been helped into their dream of home ownership in NSW under the Government’s First Home Buyers Assistance Scheme.
The First Home Buyers Assistance Scheme was expanded on 1 July 2023, increasing the threshold for a stamp duty exemption from $650,000 to $800,000 and lifting the stamp duty concession threshold from $800,000 to $1 million.
13,800 first home buyers received a full exemption from stamp duty on eligible homes and land. Many of the top ten suburbs receiving assistance were in Western Sydney and on the Central Coast.
The new data also reveals that under the new First Home Buyers Assistance Scheme, over 10,000 people have received more support than they would have under the former government’s scheme.
Of the 10,000 first home buyers who received more support, 5,500 received a full stamp duty exemption, meaning they purchased a home under $800,000.
An additional 4,600 first home buyers received a concession on their stamp duty when purchasing a home for between $800,000 and $1 million. These buyers would have received no support under the former government.
The expanded assistance scheme is supporting first home buyers to buy a home sooner after years of it getting harder for people to buy their first home.
This is just another way the NSW Government is making it easier for first home buyers and comes on top of the government’s once in a generation planning reforms that are driving an increase in the number of homes being built in NSW.
NSW Premier Chris Minns said:
“This is 18,000 people who would now have a place in NSW to call home.”
“They will build lives here, open businesses, have families and create a future in our state.
“I remember the relief I felt when I bought my first home. I’m proud that as a result our policies more than 18,000 people now have their own slice of NSW.”
Treasurer Daniel Mookhey said:
“This is providing significant cost of living relief to young families and young people who’ve been chasing their dream of buying a home.
“Thousands of extra first home buyers are saving up to $30,735 thanks to the NSW Government’s expanded stamp duty exemptions and concessions.
“We abolished the former government’s forever land tax and created a fairer assistance program that we can see is really helping people afford to get into Sydney’s property market and in the regions.
“This scheme is part of a range of policies aimed at helping more people in New South Wales to own their own home.”
Minister for Finance Courtney Houssos said:
“Thanks to the NSW Labor Government’s expanded scheme, the stability and certainty of home ownership is now more in reach for a new generation.
“For many young families, the considerable saving they can make on the cost of stamp duty is the difference between being able to purchase a home and missing out.”
Appendix: First Home Buyers Assistance Scheme statistics
First Home Buyer Assistance Scheme statistics 1 July 2023 – 2 February 2024
| Purchase price | Assistance Type | Number | Value of assistance |
| New or existing home | |||
| Less than $650k | Exemption | 8,082 | $141.8m |
| $650k – $800k | Exemption | 5,510 | $150.2m |
| $800k – $900k | Concession | 3,155 | $75.9m |
| $900k – $1m | Concession | 1,513 | $14.4m |
| Vacant land | |||
| Less than $350k | Exemption | 300 | $1.8m |
| $350k – $450k | Concession | 235 | $1.5m |
Top ten Sydney suburbs for First Home Buyer Assistance Scheme 1 July 2023 – 02 February 2024
| No[1] | Post code |
Main suburb | No of exemptions | Value of exemptions | No of concessions | Value of concessions | Total No | Total value |
| 1 | 2560 | CAMPBELLTOWN | 228 | $5,253,202 | 121 | $2,174,102 | 349 | $7,427,303 |
| 2 | 2170 | LIVERPOOL | 263 | $4,827,571 | 84 | $1,566,384 | 347 | $6,393,955 |
| 3 | 2145 | WESTMEAD | 244 | $5,138,283 | 58 | $1,034,967 | 302 | $6,173,250 |
| 4 | 2148 | BLACKTOWN | 194 | $3,810,198 | 83 | $1,590,246 | 277 | $5,400,444 |
| 5 | 2150 | PARRAMATTA | 241 | $5,122,985 | 17 | $323,044 | 258 | $5,446,029 |
| 6 | 2250 | GOSFORD | 161 | $3,626,855 | 76 | $1,464,192 | 237 | $5,091,047 |
| 7 | 2127 | HOMEBUSH BAY | 183 | $4,635,945 | 42 | $1,039,654 | 225 | $5,675,599 |
| 8 | 2770 | MOUNT DRUITT | 184 | $4,055,198 | 38 | $859,043 | 222 | $4,914,241 |
| 9 | 2141 | LIDCOMBE | 154 | $3,593,529 | 52 | $1,128,212 | 206 | $4,721,741 |
| 10 | 2200 | BANKSTOWN | 187 | $3,540,238 | 18 | $352,607 | 205 | $3,892,845 |
Rankings have been based on the total number of FHBA applicants, not value.
Top ten regional areas for First Home Buyer Assistance Scheme 1 July 2023 – 02 February 2024
| No[2] | Post code |
Main suburb | No of exemptions | Value of exemptions | No of concessions | Value of concessions | Total No | Total value |
| 1 | 2650 | WAGGA WAGGA | 179 | $3,369,311 | 11 | $215,694 | 190 | $3,585,005 |
| 2 | 2620 | QUEANBEYAN | 145 | $2,793,636 | 36 | $531,062 | 181 | $3,324,698 |
| 3 | 2287 | WALLSEND | 120 | $2,895,545 | 33 | $677,488 | 153 | $3,573,033 |
| 4 | 2340 | TAMWORTH | 144 | $2,438,995 | 4 | $53,040 | 148 | $2,492,035 |
| 5 | 2830 | DUBBO | 137 | $2,406,814 | 4 | $61,620 | 141 | $2,468,434 |
| 6 | 2285 | CARDIFF | 91 | $2,253,569 | 42 | $749,629 | 133 | $3,003,197 |
| 7 | 2800 | ORANGE | 118 | $2,420,611 | 14 | $319,503 | 132 | $2,740,114 |
| 8 | 2320 | MAITLAND | 121 | $2,647,395 | 11 | $204,671 | 132 | $2,852,065 |
| 9 | 2640 | ALBURY | 117 | $1,843,490 | 6 | $97,136 | 123 | $1,940,626 |
| 10 | 2325 | CESSNOCK | 116 | $2,233,157 | 7 | $60,317 | 123 | $2,293,473 |
Rankings have been based on the total NUMBER of FHBA applicants, not value.
[1] Rankings have been based on the total number of FHBA applicants, not value. [2] Rankings have been based on the total NUMBER of FHBA applicants, not value. .
