The State Government says its First Home Buyers Assistance program has helped thousands of western Sydney residents purchase a new home.
Data reveals that in its first year, 33,365 first home buyers in the expanded program have paid no stamp duty, or discounted stamp duty when buying their first home.
More than 12,500 of those first home buyers purchased a home in western Sydney.
1,350 first home buyers in Penrith received assistance from the program in 2023-24, up 76.5 per cent year on year.
“We’re delivering real cost of living relief that’s helping tens of thousands of people buy their first home and build a life in Western Sydney and across the state,” Premier Chris Minns said.
“In its first year, our program has helped first home buyers get into the market, without having to leave Sydney or NSW.
“We have helped more singles, couples and families to create a future in our state.”
From 1 July 2023, the Minns Government expanded thresholds to mean that first home buyers purchasing for under $1 million would pay either no, or discounted stamp duty.
The threshold for a full stamp duty exemption was lifted from $650,000 to $800,000. And the stamp duty concession threshold increased from $800,000 to $1 million.
Troy Dodds
Troy Dodds is the Weekender's Managing Editor and Breaking News Reporter. He has more than 20 years experience as a journalist, working with some of Australia's leading media organisations. In 2023, he was named Editor of the Year at the Mumbrella Publish Awards.