UDIA NSW calls for urgent extension to NSW First Home Buyer Assistance Scheme
The current thresholds under the NSW Government’s First Home Buyer Assistance Scheme are due to finish on 31 July 2021 and UDIA calls on the NSW government to extend this deadline as a matter of urgency.
The current lockdown and pause on construction activity is having a significant impact not only on our industry but on the wider community and the economy across Sydney and NSW.
The Scheme has been a successful measure to support more than 48,000 First Home Buyers to enter the market in the financial year 2020/21. It also served to mitigate the impacts of the Covid-19 pandemic, supported the development industry and improved housing affordability for first home buyers during a difficult period when house prices in Sydney increased 15%.
“If the deadline is not extended past 31 July, 2021, UDIA is concerned that any first home buyers purchasing a new home, or land to build a first home from August this year will face an additional stamp duty bill of $30,000 or more based on average house and land package prices.” said Steve Mann, CEO, UDIA NSW.
“An extension is important to sustain activity in the market, particularly as the time it takes to save for a first home deposit in NSW has risen by 6 months over the past year. A continuation of the Scheme would give confidence to First Home Buyers and the focus should be on supporting the purchase of new homes to support jobs in the development and construction industry. A refocus of this policy to new homes, will show that NSW is open for business and will support industry as we seek to reduce the impact from the lockdowns and NSW construction activity pause and enable plans for the re-opening to be implemented.” Mr Mann added.
Deanna Lane 0416 295 898 or firstname.lastname@example.org.