More than half of NSW properties could be ‘stamp duty free’ under Labor scheme

Near 200 Sydney suburbs have a median unit worth beneath $800,000. Image: David Swift.

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Greater than half of properties listed on the market in NSW may doubtlessly be bought with out paying stamp responsibility if Labor’s proposal to scrap the tax for first dwelling patrons comes into impact.

Knowledge from PropTrack reveals about 52 per cent of mixed models and homes in NSW listed on the market on realestate.com.au are beneath $800,000 – the cap at which first dwelling patrons may buy with no need to pay stamp responsibility beneath the scheme slated by the state opposition.

About 67 per cent of properties fall beneath the $1m reduce off and could possibly be deemed eligible for a reduced fee of stamp responsibility.

Labor Chief Chris Minns introduced the proposed stamp responsibility scheme on Monday. Image NCA Newswire/ Gaye Gerard.

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On Monday Labor introduced it might scrap the federal government’s newly applied annual land tax and waive stamp responsibility for first dwelling patrons buying a brand new or current dwelling price as much as $800,000 if elected to authorities.

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It comes lower than every week earlier than the implementation of the Perrottet authorities’s stamp responsibility reform, whereby first dwelling patrons can decide to pay an annual land tax over the lifetime of their dwelling possession as an alternative of a one off stamp responsibility.

This home in Lithgow is listed on the market with a information of $559,950.

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PropTrack director of financial analysis Cameron Kusher mentioned the proposed Labor scheme was “a beneficiant proposition” that was properly focused to patrons struggling to get into the market.

However whereas the proportion of properties lower than $800,000 made up simply over half the homes and models on the market within the state, the quantity in the stores in and round Sydney beneath the cap remained comparatively scant.

PropTrack director of financial analysis Cameron Kusher.

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“When it comes to what’s really obtainable on the market in the mean time, it’s nonetheless a reasonably small proportion of the market,” he mentioned.

“If you’re seeking to entry this scheme and purchase, you’re in all probability going to be taking a look at a one-bedroom condominium within the inside or center ring suburbs or perhaps an older two bed room condominium.”

“Otherwise you’re going to be taking a look at a home on the outskirts of the town or in a regional space extra typically.”

This six bed room home in Budgewoi has a information of $790,000.

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December information signifies there are 16 suburbs within the Central Coast the place the median home value is lower than $800,000, together with Wyong, Charmhaven and Lake Munmorah.

There are 4 suburbs within the outer west and Blue Mountains whereas the Illawarra has 9.

This Tamworth home is listed for $739,000.

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For flats, there are 25 suburbs throughout the Illawarra with medians that could possibly be deemed stamp responsibility free, together with Wollongong.

Greater than 190 suburbs throughout larger Sydney have a median unit worth of lower than $800,000 whereas solely 27 have a median home value beneath the cap.

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