More than 8,000 Hunter first home buyers save on stamp duty under NSW scheme

newy.com.au – More than 8,000 first home buyers across the Hunter, Newcastle and Lake Macquarie have received stamp duty relief under the NSW Government’s First Home Buyers Assistance scheme, new data released on Thursday shows.

The Minns Labor Government said housing was the biggest cost-of-living pressure for young people, families and downsizers, and described the stamp duty exemptions and concessions as part of its broader plan to make NSW “an accessible and affordable place to live”.

The data showed 8,280 first home buyers in the Hunter, Newcastle and Lake Macquarie had saved an average of $21,513 on their purchase. Under the program, eligible buyers can receive a full stamp duty exemption of $30,412 for properties up to $800,000, and a concession for homes priced between $800,000 and $1 million.

The government said the scheme replaced the previous Liberal-National government’s annual property tax option for first home buyers, which it labelled a “forever tax”.

Wallsend recorded the highest number of first home purchases in the region under the scheme, with 641, followed by Maitland (586), Cardiff (570) and Cessnock (520), the data showed.

By council area, 2,302 first home buyers benefited in Lake Macquarie, 1,983 in Newcastle, 1,575 in Maitland, 1,275 in Cessnock and 613 in Port Stephens.

Statewide, 82,174 first home buyers have benefited from the assistance since July 2023, the government said. Of those, 58,111 paid no stamp duty and 24,063 paid a reduced amount.

Acting Minister for the Hunter Paul Scully said, “The Hunter is quickly earning its reputation as one of the state’s most desirable places to live, work and build a future,” adding the figures reflected “that momentum”. Scully said the government had committed to helping people “access the basics including housing” and said it was “proud to be delivering affordable housing across the Hunter”.

Treasurer Daniel Mookhey said, “For more than 80,000 people, this has meant paying less upfront and getting into a home sooner,” and argued the government was “backing first home buyers because everyone deserves a fair shot at owning a home in NSW”. Finance Minister Courtney Houssos said “saving up to $30,000 on stamp duty means more money in the pockets of families”.

The government said suburb and local government area figures were available on the First Home Buyers Assistance Dashboard, alongside further information about eligibility and the scheme.