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On Monday 27 July the Berejiklian government announced it will temporarily axe stamp duty on new homes under $800,000 for first home buyers in a bid to boost construction and create jobs amid the COVID-19 crisis.

Premier Gladys Berejiklian said the government expected more than 6,000 first home buyers would benefit from the changes, saving eligible first home buyers thousands of dollars.

"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.

Under the changes, the threshold for stamp duty being charged on new homes for first home buyers will increase from the current $650,000 to $800,000, with the concession reducing on higher values before phasing out at $1 million.

The change to the thresholds will only apply to newly-built homes and vacant land, not to existing homes, and will last for 12-months, starting on August 1.

The state will also continue to offer a $10,000 first homeowner grant, which is available to people buying a new first home worth no more than $600,000.

Laver Residential Projects Director, Dennis Vertzayias, welcomed the announcement agreeing it would boost the construction industry whilst giving first home buyers the opportunity to purchase within the inner Sydney suburbs.

"Combined with a record low interest rate environment, I see this is an opportune time for first home buyers to enter the market with long term renters having the opportunity to take full advantage of the reduction and own their own home." Dennis said.

To discover a range of suitable properties we have for first home buyers, please visit our current listings page here.