New South Wales has achieved a groundbreaking milestone in housing affordability with first home buyers saving approximately $1.7 billion collectively through the state government’s stamp duty reform initiative. According to recently released government data, this substantial financial relief has been realized since the program’s implementation in July 2023.
The comprehensive tax exemption scheme has attracted participation from over 82,000 buyers across the state, with an average saving of $20,475 per purchaser. The data reveals that approximately 58,111 buyers received complete stamp duty exemptions averaging $30,412 for properties valued up to $800,000, while an additional 24,063 purchasers of homes priced up to $1 million received significant concessions.
Premier Chris Minns emphasized that the policy directly addresses housing accessibility, stating that it enables citizens to ‘pay less upfront and enter homeownership faster.’ The Premier further reinforced the government’s commitment to ensuring equitable housing opportunities for all NSW residents.
Finance Minister Courtney Housos characterized the initiative as a ‘critical component’ in addressing housing challenges within Australia’s most populous state. She highlighted that the savings of up to $30,000 provide substantial financial relief for families and enhance their capacity to realize homeownership aspirations.
Geographic analysis indicates particularly strong uptake in Western Sydney, where nine of the top ten participating suburbs were located. The Parramatta local government area led with $117 million in total savings, followed by Blacktown, Cumberland, Central Coast, and Canterbury-Bankstown. Regional areas also demonstrated significant participation, with the Hunter and Newcastle regions recording over 8,000 participants who collectively saved $178 million.
This current program replaces the previous Coalition government’s First Home Buyer Choice scheme, which provided options between traditional stamp duty payments and annual land tax. The reform aligns with broader federal housing initiatives, including the Albanese government’s shared equity scheme that permits first home purchases with merely 5% deposits.
Concurrently, the NSW government is advancing aggressive planning reforms aimed at accelerating housing delivery, complemented by ongoing higher-density housing projects in Sydney suburbs including Woollahra.