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Home buyers' stamp duty surprise
NSW Treasurer Eric Roozendaal.
NSW Treasurer Eric Roozendaal. Photo: Peter Rae
Andrew Clennell
June 16, 2009 - 1:29PM
Page 1 of 2 Single page view
The Rees government will provide a $64 million boost to people buying new homes, cutting their stamp duty by half - as the only surprise giveaway in a budget with a 2009-10 deficit of $990 million.
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· ANALYSIS: Ross Gittins · FULL COVERAGE
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People buying newly constructed homes worth under $600,000 who are not first home owners will pay 50 per cent less stamp duty - a saving of up to $11,245, the Treasurer Eric Roozendaal announced.
But the giveaway is likely to provide only a blip in the property market as it will be axed on December 31.
First home owners already pay no stamp duty on properties under $500,000 in price.
Mr Roozendaal described the measure as a "kickstart for the housing construction industry that will support employment in every part of the state".
He said his document was a "budget to give hope". |
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