NSW is a step closer to reforming its approach to land tax and stamp duty. New legislation on the First Home Buyer Choice scheme was introduced in NSW Parliament this week, complemented by the launch of a new First Home Buyer Choice calculator which helps buyers determine between the option of paying stamp duty when they purchase, or a $400 annual fee, plus 0.3% of their property’s land value.
With properties between $650k and $1.5m covered under the scheme, apartments in Wentworth Point offer a fine opportunity for first home buyers to reside in a spectacular waterside suburb designed around active living and community. A $1,000,000 apartment with a land value of $142,560 would incur a $828 payment in its first year of land tax, compared with $40,090 in upfront stamp duty costs.
Pending the passing of the legislation, eligible first home buyers will be able to access the scheme as early as 16 January 2023, with those signing contracts between the passed legislation date and the scheme’s January commencement date eligible to apply for a stamp duty refund, if they choose to opt into the property tax.
This week saw two properties exchanged - 7/242 Blaxland Road, Ryde (1,1,1) and 637/17 Marine Parade, Wentworth Point (2,2,2), while four new homes in a range of sizes have arrived for you to see: 122/27 Bennelong Parkway, Wentworth Point (2,2,1), 406/46 Amalfi Drive, Wentworth Point (1,1,1), and 324/3 Stromboli Strait, Wentworth Point (2,2,1), and 1/3 McArdle Street, Ermington (3,2,2).
For those who’ve done it all before and are preparing to do it again - we often get asked, what should happen first - buying, or selling? This week’s blog article explains how and why both approaches can work for those looking to upsize or downsize their home. Read more here.
