nsw budget 50% off nsw stamp duty

[eyespy]

STAMP duty for second home buyers and investors will be slashed by 50 per cent on all properties under $600,000 in a budget that has spared NSW resident any new tax rises or cuts to major projects.
http://www.news.com.au/dailytelegraph/story/0,22049,25644074-5001021,00.html

not sure if this is just for newly built properties or not,

 

[twobobsworth]

Just new houses

 

[eyespy]

so would u be tempted to buy a new property given this stamp duty reduction as opposed to old property?
i guess it will inflate prices of new poperties vs old ?

 

[Aaron Sice]

i doubt it will inflate the price of anything, but sellers will be breathing a sigh of relief because there is incentive now.

 

[Propertunity]

.... sellers will be breathing a sigh of relief because there is incentive now.

BC, as TBW said - I think it is only for newly constructed.

 

[markp]

The cost of new housing just got more expensive. Add in housing shortage, cost inflation, lack of infrastructure and now built in demand from new home buyers. Thank you Mr Reese.

 

[Propertunity]

The cost of new housing just got more expensive. Add in housing shortage, cost inflation, lack of infrastructure and now built in demand from new home buyers. Thank you Mr Reese.

And when new housing stock goes up, existing houses follow........another round of price rises on the way. As you say "Thank you Mr Rees".

Oh the D&G brigade won't like this. Just throwing more fuel on the fire.
Now what will their excuse be for the 'bubble' to burst?

 

[HomePage]

Actually, I don't think the D&G crowd will mind this so much. At least it encourages new housing stock instead of perpetuating the flipping of existing stock and therefore helps address the current undersupply situation. That's got to have a dampening effect on any irrational exuberance that could surface.

 

[sparky23]

My only concern is that I took 3 deposits on new homes last week so the purchasers might cancel until July!

 

[mja]

Watch the $11k or so in savings of stamp duty evaporate in the form of developers putting their prices up.

 

[Aaron Sice]

at least it's going to funding like minded people's pockets instead of more MP pay rises and travel accounts.