Better stamp duty deal for first home buyers

The NSW Government expects first home buyers will have an easier time securing their first property after passing legislation last week that exempts more people from paying stamp duty.

The legislation specifically raises the threshold for properties exempt from paying stamp duty from $650,000 to $800,000 and offers concessions for properties worth between $800,000 and $1 million as part of the First Home Buyers Assistance Scheme.

The NSW Government said first home buyers could potentially save up to $31,090 by scrapping the fees, which is how much previous stamp duty would cost for an $800,000 property under the previous scheme.

The NSW Treasurer said five out of every six first home buyers will pay no stamp duty or concessional rate at all.

The Government expects over 8,500 first home buyers will qualify for stamp duty exemption each year, and another 4,400 can receive stamp duty concessions. This translates to 84 per cent of first home buyers being able to access assistance under the scheme.

The new scheme also scraps the previous Liberal government’s plan, introduced in January 2023, that gave first home buyers the option to pay for stamp duty upfront, or pay an annual land tax fee.

In a press statement, the NSW Government said that this scheme will end on 30 June 2023, but those that opted into it can continue until they sell the property.

Independent member for Kiama Gareth Ward supported the increased cap to stamp duty exemption but argued that the option to pay an annual fee should remain in place because most first home buyers in the electorate won’t be able to benefit from the changes.

The average house price in Kiama is $1.4 million, which would only just qualify buyers for stamp duty concessions.

“Which is why I voted in favour of the stamp duty exemptions and to preserve the option of paying land tax rather than guillotining choices that people can make that are right for them and for their family,” says Mr Ward.

“We know the land tax scheme is popular, with 4,842 buyers taking it up since it’s been in place earlier this year, including 1,000 already in May.

“It’s a good scheme and we should give it time to work and in the future look at broadening it to more people to allow more flexibility and more choice.”

by Brendon Foye

Markets get licence to sell

The Kiama Seaside Market and Kiama Farmers’ Market have both received licences for five years from Kiama Council.

Five years gives both markets assurance so they can spend more on creating a great experience for locals and visitors.

Kiama Farmers’ Market is held every Wednesday afternoon at Coronation Park (Surf Beach) or in the grounds of Kiama Uniting Church during wet weather. Kiama Seaside Markets is held on the third Sunday of every month, with an additional four specialoccasion markets per year (eg. New Year’s Eve).

Also Councillor Matt Brown has put forward a Notice of Motion for Council to consider providing 3-phase power in Coronation Park, which will be useful for all community events held there.