Stamp duty changes for first home buyers

The right time to purchase a home is simply when you feel ready to. This week we supported five buyers to enter the next chapter of their lives, exchanging on 521/10 Half Street (one bed in Savannah), 10098/5 Bennelong Parkway (one bed in the waterfront estate), 649/30 Baywater Drive (two bed in Bellagio), 462/3 Baywater Drive (two bed in Palermo), and 725/1C Burroway Road (three bed in Jewel).

The family who purchased 462/3 Baywater Drive were long-time renters in Wentworth Point, and with the arrival of their baby, an upsize was in order. Wanting to remain residents in the suburb, their transition to home ownership was an organic one and despite being their first time purchasing, we helped navigate quick negotiations which involved multiple buyers, exchanging in the family’s favour within a few hours of being listed online. 

The sale of 725/1C Burroway Road is a prime example of just how much premium waterfront properties can reach, achieving $1,650,000 for the undoubted jewel in the Jewel building.

Breaking into the property market just became easier for first timers who will soon have the option of choosing between an upfront stamp duty payment or a smaller, annual property tax under new reforms. The initiative provides first home buyers with the choice to decide which option best suits their financial situation, with an annual tax lowering the up-front costs of purchasing a property and alleviating some of the barriers many first home owners face.

If you feel ready now, let’s find the right home together. This week we’re launching the following properties that might be a fine first home fit: 405/3 Half Street (one bed in Sirius with partial water views and large winter garden); 308/4 Stromboli Strait (two bed split level in Torino with two balconies and two car spaces); 504/46 Amalfi Drive (one bed in Messina); and 22/43 The Boulevarde, Strathfield (3 bed, bright north aspect, walking distance to shops, schools and station).

 

Alexander Chidiac
When it comes to dealing with buyers and sellers in Wentworth Point, Rhodes, Newington and throughout this part of the inner west, Alex enjoys an exceptional reputation earned from over 10 years’ experience in the industry.

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