FHOG Update
From the 1st January 2012 first home buyers in the Sydney property market will no longer avoid paying transfer duties for existing homes & apartments under $600,000. The NSW coalition government’s 2011-12 budget measure has been welcomed by Property Developers however not as warmly received by first home buyers. The budget measure will see stamp duty exemptions only apply to ‘brand new’ and ‘off the plan’ homes purchased in an effort to stimulate buyer activity in the new home market segment and building activity.
The $7000 first-home-buyer grant will continue to be available to all eligible first time buyers seeking owner occupation however the revision of the scheme will provide full transfer duty exemptions only for newly built home costing up to $500,000, and partial duty exemptions for homes worth between $500,000 and $600,000.
“In the short term we expect to see a lift in the number of first home buyers entering the market as many prospective purchasers move quickly to secure a property prior to the budget revisions on 1st January 2012″ said Grant Lee of SharpeMeyers Estate Agents
For further details contact Grant Lee on 0431 211 874