Earlier today, the New South Wales government announced a number of reforms aimed at improving housing affordability. These measures include scrapping stamp duty for first home buyers and taxing foreign investors.
First home buyers will benefit from stamp duty being abolished on new and existing homes up to $650,000, plus stamp duty relief for homes up to $800,000.
Foreign buyers will be slapped with an 8% surcharge on stamp duty, up from the current 4%, while the surcharge on land tax will increase from 0.75% to 2%.
And it’s all happening very quickly – with the reforms kicking in from 1st July this year.
Full details are available in this article from the Sydney Morning Herald.