Respite on the horizon for NSW buyers

by Adam Smith13 Jun 2012

The NSW Government has unveiled a raft of measures to stimulate housing in the state.

The state's budget, announced yesterday, includes a number of new proposals to spur activity in residential property. They include a doubling of the first homebuyers grant to $15,000 on properties up to $650,000, exemption from stamp duty for new houses and apartments up to $650,000 and a $5,000 grant for non-first homebuyers purchasing a new home under $650,000 or vacant land under $450,000.

The HIA was quick to applaud the scheme, saying it would help deliver new housing starts in the state.

"HIA believes the benefits available through this package for first homebuyers are at a level that should provide a real confidence boost in activity for new home construction in this sector of the market," HIA NSW executive director David Bare said.