Real Estate THURSDAY, JULY 1, 2020 FROM COAST TO
COUNTRY
WWW.TWEEDVALLEYWEEKLY.NET.AU
Boost for first-home buyers Open homes FIRST-HOME BUYERS
struggling to get their foot on the property ladder have received a welcome boost from the NSW government this week, who have eliminated stamp duty on newly-built homes priced below $800,00, as the number of building approvals in the Tweed drops. Stamp duty will be abolished on vacant land priced up to $400,000 and will be reduced on vacant land valued between $400,000 and $500,000. First-home buyers will pay less stamp duty on newly-constructed homes valued between $800,000 and $1 million, in a bid to support the construction industry which has slumped during the coronavirus pandemic. The number of new dwellings approved in the Tweed Shire has significantly reduced over the past year, where in the 20182019 financial year a total of 387 dwellings were approved, comprising 241 houses and 136 other residential buildings such as units and townhouses. During the eleven months to May 2020, the number of approved dwellings has almost halved to 192, which includes 143 houses and 46 other residential buildings. Throughout the state, the number of new dwelling approvals dropped to 44,248 in the past eleven months, compared to 57,578 in the twelve months prior. NSW Premier Gladys Berejiklian said the change to stamp duty thresholds would support new home construction and create jobs as part of the government’s COVID-19 Recovery Plan. “Thousands of people will see their bank balances benefit from this change – it will help get more keys into more front doors of more new homes,” Ms Berejiklian said.
“It will also boost housing construction across NSW and support jobs in the building industry at a time when we need them more than ever before.” The government estimates more than 6,000 first-home buyers will benefit from the scheme. Treasurer Dominic Perrottet said the changes will save first-home buyers up to $31,335 in stamp duty on a new $800,000-home. “The current scheme has already helped over 93,000 first-home buyers since July 2017 and this will give the construction industry extra support as we face the challenges of COVID-19,” Mr Perrottet said. “We need to ensure our building sites keep ringing with hammers and saws as that means more people working, and first-home owners will save money in the process.” The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for a 12-month period, commencing on August 1, 2020. First-home buyers remain eligible for the $10,000 First Home Owner Grant, which is available for homes worth no more than $600,000, or buying land and building a new Property type
home worth no more than $750,000 in total. New home builders can also apply for the HomeBuilder scheme, which was announced by the federal government in June and provides a $25,000 grant to eligible owneroccupiers. To be eligible, a contract must be signed between June 4, 2020, and December 31, 2020, and construction must commence within three months of the contract date. Applications are subject to income caps of $125,000 per annum for an individual based on 2018-19 taxable income or later; or $200,000 per annum for a couple. The new home must be a principal place of residence, where the property value does not exceed $750,000. Renovations are also eligible for the scheme, where the renovation contract is between $150,000 and $750,000, and the value of the existing property (house and land) does not exceed $1.5 million (prerenovation). Revenue NSW said they are working to open the HomeBuilder grant for eligible NSW owneroccupiers as soon as possible.
Saturday, August 1 DJ Stringer 8/27-29 Dutton Street, Coolangatta, 10:00am-10:30am 9 Merion Court, Banora Point, 10:30am-11:00am 24 Karingal Avenue, Bilambil Heights, 10:30am-11:30am 2/1 Tweed Terrace, Rainbow Bay, 11:00am-12:00pm 4/57 Dixon Street, Coolangatta, 11:00am-11:30am 2021 Tweed Ultima, Tweed Heads, 12:00pm-12:30pm 20/24 Seaview Road, Banora Point, 12:00pm-12:30pm 704/53 Bay Street, Tweed Heads, 1:00pm-1:30pm 26/20 Binya Avenue, Tweed Heads, 2:00pm-2:30pm 73 The Quarterdeck, Tweed Heads, 3:00pm-3:30pm
Raine & Horne Ocean Shores/Brunswick Heads/ Murwillumbah Pinnacle Estate, Ramsay Close, Goonellabah, 9.00am-10.00am 28 Royal Avenue, South Golden Beach, 9.30am-10.00am 23 River Street, Murwillumbah, 10.00am-10.30am 1/4 Roundhouse Place, Ocean Shores, 10.00am-10.30am 25 Hottentot Crescent, Mullumbimby, 10.30am-11.30am 10 McPherson Court, Murwillumbah, 11.30am-12.00pm 9 Banool Circuit, Ocean Shores, 11.30am-12.30pm 2/3 Duroon Court, Ocean Shores, 12.00pm-1.00pm
Existing stamp duty amount for eligible first home buyers
New stamp duty amount for eligible first home buyers
Saving
Vacant Land $350,000
$0
$0
no change
Vacant Land $400,000
$7,793
$0
$7,793
New home $650,000
$0
$0
no change
New home $700,000
$10,445
$0
$10,445
New home $800,000
$31,335
$0
$31,335
2/12 Yarra Close, Banora Point, 11:00am-11:30am
New home $900,000
$35,835
$20,168
$15,668
16/13-15 Kingston Drive, Banora Point, 11:00am-11:30am
Existing home $650,000
$0
$0
no change
61/20 Binya Avenue, Banora Point, 12:00pm-12:30pm
Existing home $800,000
$31,335
$31,335
no change
183 Botanical Circuit, Banora Point, 12:00pm-12:30pm
6 The Plateu, Murwillumbah, 12.30pm-1pm 556 Caniaba Road, Caniaba, 1.00pm-1.30pm
Source: NSW Government
53 Helen Street, South Golden Beach, 1.00pm-2.00pm 11 Flinders Way, Ocean Shores, 2.30pm-3.00pam
Tweed Coolangatta Real Estate
MAXIMIZE YOUR PROPERTY 72824
With Raine Horne properties digital advertising plan
Murwillumbah / Ocean Shores / Brunswick Heads phone. 02 6672 4477 freecall. 1800 547 848