Suburbs where NSW Labor’s stamp duty cuts would allow first-time home buyers under $1million

Sales agent Peter Diamantidis, director of Ray White Diamantidis Group in St Marys and St Clair, said demand for first homebuyers started the year strong, partly due to the introduction of the property tax.

Of the 14 sales his team made last week, 12 were to first-time home buyers. Most were from outside, generally looking for homes priced up to $800,000.

Diamantidis said buyers on a budget of $750,000 to $800,000 would be looking at older three-bedroom homes measuring 550 to 700 square feet that need work. The occasional four bedroom house would also be within reach.

Those on a $1 million budget could snag a four or five bedroom home built in the last 20 years.

Diamantidis expected Labor’s announcement would prompt some first-time homebuyers to delay buying until after the election, especially given that house prices are likely to fall further in the coming months.

To buy closer to the city, first-time homebuyers could look for apartments in suburbs like Epping ($788,000), Woolooware ($780,000) and Marrickville ($770,000).

McGrath Epping’s Rebecca Li said that most first-time homebuyers in their market aim for the $650,000 to $800,000 price range to qualify for stamp duty relief.

“You’re definitely quiet [limited] to an apartment [at $800,000] …mainly two-bedroom apartments, although you might get a three-bedroom, 1.5-bathroom apartment for some older units,” she said.

For those on a higher budget, mid-range home prices in suburbs like Seven Hills ($996,000), Merrylands West ($995,000) and Auburn ($989,000) would be eligible for a Stamp Duty Reduction, as would apartments in Roseville ($996,500), Eastgardens ($995,000 ). ) and Maroubra ($980,000).

Median home prices in suburbs like Marsden Park ($1.15 million) and Sutherland ($1,124,000) and Camden ($1,097,500) would not be concession-worthy.

Buyer’s agent John Soliman, director of Shire Buyer, said those with a budget of $800,000 could afford to buy a unit in most parts of the area, while those with $1 million could still buy a townhouse in Sutherland , Kirrawee and Jannali could get.

“There are $800,000 units in Cronulla, although obviously you’re going to be looking at a single room that might need a refurb … if you need a twin room, go to Woolooware and Caringbah and then move from there,” he said.

Soliman expected the expanded program to be popular with first-time home buyers, but felt that those about to buy were unlikely to put their plans on hold. He expressed concern that once developers knew first-time homebuyers would no longer have to spend money on stamp duty, they could raise the prices of eligible properties.

https://www.smh.com.au/property/news/sydney-suburbs-where-first-home-buyers-could-purchase-for-under-1-million-20230109-p5cb8m.html?ref=rss&utm_medium=rss&utm_source=rss_property Suburbs where NSW Labor’s stamp duty cuts would allow first-time home buyers under $1million

Brian Lowry

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