NSW stamp duty concessions lure Canberra’s first home buyers to Queanbeyan

According to Domain Writer Rachel Packham:

The NSW government’s stamp duty concessions announced on Thursday are already enticing Canberra’s first home buyers across the border.

First home buyers of existing and new properties up to $650,000 will be exempt from paying stamp duty in NSW from July 1.

This lifts the threshold of eligible properties from $550,000 and reintroduces existing homes to the scheme.

First home buyers will also receive stamp duty discounts for properties priced from $650,000 to $800,000.

The ACT government offers stamp duty concessions to first home buyers, including a $20 flat fee for properties up to $468,000, however the property must be new or substantially renovated.

Ian McNamee & Partners Queanbeyan director Darren Bennett said there was an increased number of first home buyers at inspections on Saturday, spurred on by Thursday’s announcement.

“We’re expecting a major surge of first home buyers from the ACT,” Mr Bennett said.

“People who have been saving and are on the cusp of getting in the market, this will bring them forward.”

Mr Bennett said properties priced between $400,000 to $500,000 were particularly sought after in Queanbeyan.

“Queanbeyan has been undervalued for a long time compared to Canberra and we’re just 10 minutes down the road,” Mr Bennett said.

Domain Group data, released on Friday, showed that not one ACT suburb was considered affordable for entry-level buyers seeking a freestanding home.

The First Home Buyers Report revealed that Canberra and Darwin were the only two capital cities that did not include an affordable suburb for houses.

ACT Chief Minister Andrew Barr said the government would continue cutting stamp duty for all property purchases in the ACT, not just for first home buyers.

“I am committed to cutting stamp duty in every budget I deliver,” Mr Barr said.

“I’ve cut it for the last five and I will cut it again in this year’s budget.

“Already the ACT government has cut stamp duty on all property by thousands of dollars. On a $500,000 property, we have cut stamp duty by over $7000 since 2012.”

Mr Barr said the ACT government was tackling housing affordability through increased supply, as well as tax reform.

“More people living in the Canberra region is still a good for the ACT though,” he said.

“We have no problem with Queanbeyan growing. It is not a race or a competition. We grow together.

“Ultimately, individuals and families will make choices based on the properties available on the market.”

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