What a great idea--stamp duty is a killer

Why is it that this Government can't do anything straight? The fact is that

almost all new homes under $600,000 being bought off the plan are not

only in the outer suburbs, but are also virtually only sold to first home

buyers, who don't pay stamp duty anyway. So, there is virtually no cost to

the budget surplus, in actual fact, the sale of the existing home will

involve stamp duty, so the move is actually income positive for the

Government. Most over 65s wishing to down size, are living in inner areas

& would not concider moving to the outer suburbs. Also, how can an over

65 sell their home, then purchase a home off plan & wait a minimum of 6

to 12 months to move in? I thought Kristina Keneally was better than this !!

Why is it that this Government can't do anything straight? The fact is that

almost all new homes under $600,000 being bought off the plan are not

only in the outer suburbs, but are also virtually only sold to first home

buyers, who don't pay stamp duty anyway. So, there is virtually no cost to

the budget surplus, in actual fact, the sale of the existing home will

involve stamp duty, so the move is actually income positive for the

Government. Most over 65s wishing to down size, are living in inner areas

& would not concider moving to the outer suburbs. Also, how can an over

65 sell their home, then purchase a home off plan & wait a minimum of 6

to 12 months to move in? I thought Kristina Keneally was better than this !!

-

I never saw that part Innes? and if you sell a home you don't pay stamp duty only did when you bought. I never saw wher it was in the outer suburbs either--I must have missed something?

The fact is that almost all new homes under $600,000 being bought off the plan are not

only in the outer suburbs,



I thought it covered the whole state not just a capital city.



in actual fact, the sale of the existing home will involve stamp duty, so the move is actually income positive for the Government.



Stamp duty will also be eliminated for the next two years for over-65s who sell their home to move into a newly-built dwelling worth up to $600,000.

The programs are expected to cost the Government about $184 million over the two years they apply.

PlanB, I did not explain myself very clearly. You don't pay stamp duty when

you sell a home, but the buyer does, so that gives the Government a stamp

duty that they would not have got. Also, the reason that I mentioned outer

suburbs is because most people in NSW live in Sydney & it is impossible

to buy a house, off the plan, in the inner suburbs, because there is no

vacant land in the inner suburbs & if there was, the product would cost a lot

more than the $600,000 allowable.

I repeat, for fweds benefit that the over 65s part of the benefit will be income

positive & the reason for the estimated cost to stamp duty income is because

investors will have their stamp duty concessions re-instated from 1st July.

However Innes for those that are wanting to sell it will be a good save--I have friend up the lane here and she has bought a place only months ago--she will be upset about the start date

PlanB, did your friend up the lane buy a finished house that had been

lived in? If they did, they would not have been elligable for any stamp duty

relief. The only way that they would have saved the stamp duty is if they

bought a vacant block of land subject to a contract rider, that they had to then

build a contract home, built by a specific builder.

Yes Innes she did buy a house already up--but had she been aware she could have waiting lived with her Sister till her NEW one was built

I wonder if WA will follow suit. It's still possible (but getting harder) to buy a house in an inner suburb of Perth for $600,000. That would be nice.