Home owners in NSW can look forward to a cheaper stamp duty bill. In the NSW budget, handed down this week, people buying newly constructed homes worth under $600,000 who are not first home owners will pay 50 per cent less stamp duty - a saving of up to $11,245, the Treasurer Eric Roozendaal announced.
But the giveaway is likely to provide only a blip in the property market as it will be axed on December 31.
First home owners already pay no stamp duty on properties under $500,000 in price.
Mr Roozendaal described the measure as a "kickstart for the housing construction industry that will support employment in every part of the state".
He said his document was a "budget to give hope".
As part of a "housing construction acceleration plan" the government also announced that is would provide interest-free loans to local councils to help fund infrastructure.
First home buyers will receive an extra $3000 for the purchase of newly-constructed homes until June 30 in 2010.
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