First home buyers in Parramatta get a leg up
NICK NIKOLAIDIS
FIRST home buyers across Parramatta have been the biggest beneficiaries of the NSW Government’s First Home Buyers Assistance program, new data reveals.
The reform provides first home buyers full stamp duty exemptions when purchasing a property up to $800,000 and a concession for homes priced between $800,000 and $1M. The program works in conjunction with the Federal Government’s 5% deposit and shared equity schemes.
The Parramatta Local Government Area (LGA) saw 5,188 purchased properties benefit from the program, saving first home buyers $117M, an average of $22,554 per home.
By suburbs in the LGA, 1,379 properties were purchased in Westmead by first home buyers who saved a combined $28.4 million, an average of $20,594 on the purchase of their first homes.
The suburb of Parramatta was next with 1,126 properties purchased with total savings of $24.2M, an average of $21,492 per purchase, followed by Homebush Bay with 927 property purchases saving a total $22.3M, or $24,032 on average.
More broadly, Western Sydney saw the bulk of the volume and savings. Almost 29,000 first home buyers saved $589.9M saving on average $20,406 on the purchase of their homes. Four of the top five LGA’s were in Western Sydney.
Premier Chris Minns said: “We’re backing first home buyers because everyone deserves a fair shot at owning a home in NSW.”
Donna Davis, State Member for Parramatta said of the take up in her electorate: “The stats don’t lie; First Home Buyers love Parramatta with the Minns Labor Government providing stamp duty exemptions and concessions to 3,709 first home buyers across [the Parramatta electorate].”
To apply for the program visit: https://www.revenue.nsw.gov.au/grants-schemes/assistance-scheme
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