From July 1 new measures from the state government will significantly reduce stamp duty, leaving thousands in first home buyers’ pockets. 

Glenn Preston from Glenn Preston Real Estate in Leeton said for someone purchasing their first home for $250,000, the new measures for stamp duty could save them $7240. 

“It’s absolutely going to be a good saving,” he said. 

“Keep in mind it doesn’t come in until July 1, but people definitely know about it. 

“I’ve had a number of inquiries from potential first home buyers about the savings for stamp duty.”

The reforms are part of new measures introduced by the state government to give first home buyers a “fairer go” at owning their own home. 

Member for Murray Adrian Piccoli said it was important to help out hard-working residents. 

“These far-reaching changes could save first homebuyers up to $34,360,” he said. 

“While there are no easy solutions when it comes to housing affordability, residents who are saving for their own home will benefit greatly from these reforms.

“Stamp duty is a hurdle for first home buyers, so to give residents a fair go, the NSW government will abolish stamp duty for all first home buyers on properties costing up to $650,000 and provide stamp duty discounts on properties up to $800,000.”

A first home buyer purchasing an average priced property ($300,000) in Leeton is likely to save about $10,000.

If residents are buying a new property, there is a first owners grant available. 

For example, a first home owner buying a newly constructed house for $400,000 can save a combined $25,000 with the grant and stamp duty concession. 

Robert Cavallaro from Rawlinson & Brown Real Estate said the reforms would make a difference. 

“I think if it’s long-term is can help them a lot,” he said.

“But these things always have an end date, and this distorts the market. 

We are seeing people hold off at auctions, waiting for July 1. This can increase competition, pushing prices up and cancelling the benefits of concessions.”