NSW package for housing

The NSW Budget for 2012-13 was delivered this week and includes a package to stimulate the housing sector recognising that over the last five years housing approvals averaged below 30,000 each year.

Called the Building the State package, the NSW Government will provide half a billion dollars for additional infrastructure that accelerates the delivery of up to 76 000 new housing lots and removes blockages in the development approval process.

The First Home Owners Grant will increase from AU$7000 to AU$15,000 for new properties, before dropping to AU$10,000 from 2014. The budget also introduces the New Home Grant of AU$5,000 to all non-first home buyers buying a new property up to AU$650 000, while existing first home buyer stamp duty concessions will apply on new properties up to that amount - an increase of AU$50,000.

Source: AFPA Canopy

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