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Clyde Poulton Real Estate

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NSW Government Housing Reforms

1 Jun 2017 Nowra 0 Comment

The NSW State Government has announced a number of measures aimed at improving housing affordability across the state, being in the Sydney basin and regional areas like the Shoalhaven.

The package was announced in three parts;

As of July 1, 2017, stamp duty will be abolished for eligible first home buyers on properties worth up to $650,000. This is great news for first home buyers in Nowra , with an average sale price around $450,000 this is a saving of around $16,500.

The stimulus package also encourages new home construction grants available to builders of new properties up to $10,000. With more building comes more housing supply and therefore more choice for buyers. Making some types of housing more affordable.

On paper this looks like a great policy to give first home buyers an opportunity to get in to the housing market. Mr Poulton notes that similar first home buyer schemes in the past have increased the price of housing by the amount of the grant provided. Only time will tell if this is the case this time around.

Faster approvals are a welcome policy change says Mr Poulton, a significant factor in the lack of housing and vacant land supply in the Nowra area has been long delays in the development application process. If this can be simplified and the time reduced to 40 days, this will see an increase of housing supply in Nowra and surrounding areas.

Overall Mr Poulton notes that these changes are a positive one for the Nowra area.

For the full report and an outline of all measures click on the link below.

Are these measures going to help as the government has outlined?  Will housing become more affordable?

We would love to hear your thoughts.

https://www.nsw.gov.au/improving-nsw/projects-and-initiatives/first-home-buyers/

 

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