NSW Election impacts on property

A reasonable weekend of inspections in the area despite Saturday coinciding with the NSW Election.

A change in government is now in progress so what does this mean (if anything) for property in our area? Well, the key differences in the pre-announced policies from each party regarding property will see the following changes:

1. The newly implemented First Home Buyer Choice scheme scrapped – this scheme allowed first-home buyers to choose between stamp duty or an annual land tax for purchase prices up to $1.5m. Labor had said the scheme will be dropped, however, no timeline or transitional arrangements for contracts in progress has been detailed as yet.
2. The threshold for stamp duty exemptions for first-home buyers improved – currently first homebuyers pay no stamp duty up to $650,000 and concessional duty up to $800,000. Labor promised to increase the lower threshold to $800,000 and have concessional duty up to $1m.

Overall, both these changes mainly impact first-home buyers or those selling to first-home buyers in the ranges below $1m. It could also lead to a short-term surge in first-home buyers seeking properties up to $1.5m to take advantage of the land tax option prior to the scheme being abolished.

A few positive sales over the past week proved some Sydney buyers may be returning to the area. One in particular was 103A The Drive, Stanwell Park sold by Ian Pepper & Mattias Samuelsson from Ray White Helensburgh. The oceanfront duplex was fours years old and offered great views over the ocean and Stanwell Park beach. Considerable interest led to the sale price pushing over $3m – it is only one of three sales this year over $3m in our area.

Other sales:

• 7 Oceania Parade, Austinmer $2,700,000 sold by Peter Armstrong of AM Rutty
• 273 Lawrence Hargrave Dr, Coalcliff $1,670,000 sold by Venessa Denison-Pender of McGrath Thirroul
• 24 Stuart Street, Helensburgh $1,100,000 sold by Elle Ritson of Ray White Helensburgh