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Experts claim that New South Wales’ first home buyer law and stamp duty reform will shift the market’s direction in the coming year and give the state an edge over other regions. BuyersBuyers co-founder Pete Wargent said that the Parliament’s ratification of the landmark law on 10 November which affords first home buyers the option between paying a smaller annual property fee or a large upfront stamp duty on their first property will likely “create a two-speed housing market”.
The passing of the ‘historic’ reform came six months after being introduced to the Parliament, with Premier Dominic Perrottet declaring that the changes will make “the great Australian dream of home ownership much easier for a generation of young families.”
Analysis by the NSW Treasury submitted to Parliament earlier this month revealed that two-thirds of first home buyers will opt against paying stamp duty with further research indicating that up to 80 per cent o ....
Two-speed housing market to develop as stamp duty reform takes hold miragenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from miragenews.com Daily Mail and Mail on Sunday newspapers.
Has the housing market already passed its “peak fear” phase ? According to these experts, there are signs that the worst has come and gone. BuyersBuyers co-founder Pete Wargent acknowledged that the Reserve Bank of Australia’s (RBA) series of rate hikes had “knocked the stuffing out” of the market and predicted that the central bank’s continued monetary policy tightening will result in further declines in house prices. The central bank’s rapid-fire interest-rate hikes have pumped up the country’s official cash rate over a five-month period from a historically low level in May to 2.35 per cent in September the highest level in seven years. “Naturally, we do expect lower borrowing capacity to impact some buyer cohorts, including first homebuyers, some investors, and particularly upgraders who are really stretching themselves to buy the best home they can,” he professed. As inflation continues to be above the RBA’s two-to-three target, most ....