New South Wales Unveil News House Buying Rules

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News South Wales Unveils New Property Purchase Rules

June 1, 2017

Australia's New South Wales government announced a new package to improve housing affordability across the state. For first home buyers, the new package will abolish stamp duty on all homes up to AUD650,000; give stamp duty relief for homes up to AUD800,000; provide a AUD10,000 grant for builders of new homes up to AUD750,000 and purchasers of new homes up to AUD600,000; abolish insurance duty on lenders’ mortgage insurance; ensure foreign investors pay higher duties and land taxes; no longer allow investors to defer paying stamp duty on off-the-plan purchases.

The package also considers the state’s growing population and the need to ensure that development occurs close to essential infrastructure such as roads, railway lines and schools. Priority Precincts identified for growth and revitalisation will expand in Sydney to include more areas and fast-track the delivery of new homes in these areas. The expansion of these precincts, which will deliver around 30,000 additional homes, will allow for the acceleration of rezoning and for modern, more diverse developments to be built, the NSW government said. This expansion will increase the supply of housing in Belmore/Lakemba, Burwood/Strathfield/Homebush, Campsie/Canterbury, Cherrybrook (government land), Frenchs Forest, Glenfield, Leppington town centre, Anzac Parade corridor, Riverwood, Schofields town centre, Seven Hills/Wentworthville, St Leonards/Crows Nest, Telopea, Turrella/Bardwell Park, and Westmead.

NSW Premier Gladys Berejiklian said she wanted to ensure that "owning a home was not out of reach for people in NSW".

The state premier said the measures focus on supporting first home buyers with new and better-targeted grants and concessions, turbocharging housing supply to put downward pressure on prices and delivering more infrastructure to support the faster construction of new homes. Berejiklian said it is a complex challenge and there is no single or overnight solution.

NSW Minister for Planning and Housing Anthony Roberts said the package included measures to speed up planning processes to ensure developments get off the ground as quickly as possible. “While we have done well to release an unprecedented amount of land, we need to do better with our development application process to ensure we are keeping up with demand,” Mr Roberts said.

- Staff Writer APMR News