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In the first year of the expanded First Home Buyers Assistance program, over 33,000 FHBs have paid little to no stamp duty across NSW.
With over 12,500 of these first home buyers having purchased a home in Western Sydney, NSW Premier Chris Minns voiced the program is “delivering real cost of living relief that’s helping tens of thousands of people buy their first home and build a life in Western Sydney and across the state”.
The NSW government relayed that first home buyers in the Blacktown, Blue Mountains, Cumberland, Parramatta and Penrith local government areas (LGAs) saved an average of $21,092 on their purchase.
Across the Hills and Hawkesbury LGAs, first home buyers saved $22,239 on average.
Within the Camden, Campbelltown, Canterbury-Bankstown, Fairfield, Liverpool and Wollondilly LGAs, the average saving for a first home buyer under the program was $19,421.
Notably, recent data has showcased that Western Sydney suburbs comprise “eight of the top 10 metro suburbs for first home buyers” – the frontrunners including Campbelltown, Liverpool, Parramatta, St Marys and Westmead.
The state government detailed multiple Western Sydney LGAs observed a “major increase in the number of first home buyers”, with Hawkesbury and Camden recording increases of 127 per cent and 110 per cent respectively over the last year.
Speaking on the importance of the program, NSW Treasurer Daniel Mookhey expressed that “savings of just over $20,000 on average mean that a first home buyer in Western Sydney is in a far better position to compete against investors to buy their home”.
The uptick in first home buyers follows the recent expansion of the program’s threshold, which from 1 July 2023 onwards stipulated that “first home buyers purchasing for under $1 million would pay either no, or discounted, stamp duty”.
Through this reform, the threshold for a full stamp duty exemption was raised from $650,000 to $800,000, and the stamp duty concession threshold was increased from $800,000 to $1 million.
“Right across NSW, over two-thirds of first home buyers using the expanded program now pay no stamp duty at all,” Minns detailed.
With the average saving for an NSW first home buyer increasing by nearly $4,000 under this higher threshold, the Premier expressed it “has helped first home buyers get into the market, without having to leave Sydney or NSW”.
“We have helped more singles, couples and families to create a future in our state,” he concluded.
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