NSW government announces massive stamp duty change

Adam Smith 5 November 2018 NEWS

house on coin stackThe NSW government has announced sweeping changes that will save home buyers an average of $500.

The government announced it will make changes to the price brackets by which stamp duty is calculated. The brackets will be adjusted upwards, and will continue to rise to track inflation from 1 July next year, The Sydney Morning Herald has reported.

According to the Herald, the price brackets have remained mostly unchanged since 1986, prompting NSW Treasurer Dominic Perrottet to label the reforms the most significant "in a generation".

The government has claimed the changes will save the average home buyer $500, but has said these savings will rise over time.

“The savings in the short term are modest but over the long term they will be substantial,” Perrottet said.

According to the Herald, rising house prices have seen the average rate of stamp duty payable rise from 3.37% to 4.05% over the past 15 years.

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