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NSW's homebuyer tax break saved $1.7B but is driving up prices and reducing eligibility.
Over 58,000 first-home buyers in New South Wales have avoided stamp duty under a 2023 state scheme that waives the tax on homes under $800,000 and reduces it for properties up to $1 million, saving buyers $1.7 billion.
The policy has driven strong demand in western Sydney suburbs like Parramatta, Liverpool, and Campbelltown, but rising home prices are reducing the number of qualifying properties, leading to a 6.5% drop in participation.
Experts warn the program is boosting prices and may threaten long-term affordability, prompting Treasurer Daniel Mookhey to consider raising the $800,000 threshold.
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La exención fiscal para compradores de vivienda de Nueva Gales del Sur ahorró $ 1.7B, pero está elevando los precios y reduciendo la elegibilidad.