July 1 Changes for the Real Estate Industry

There are so many changes happening in the real estate industry at the moment, with new fees, reduced fees and abolished fees – how do you know what does affect you and what doesn’t?

Here are a couple of the NSW state government changes that you might find interesting if you didn’t know about them already:

Abolished Fees – This is always nice to hear, but unfortunately doesn’t apply to everyone. Stamp duty has been abolished for the next 2 years for people buying property worth up to $600,000 off the plan before construction begins, and for over 65’s who sell their home to buy new.

Reduced Fees – For people buying new property either in the midst of construction or newly completed, up to $600,000, their stamp duty will be cut by 25%.

Additional Fees – If your property is sold for more than $500,000 you will now pay an additional fee which the government is putting towards better measures against property fraud. Here’s how it works: when you lodge the transfer, you’ll pay the applicable lodgement fee plus either 0.2% of the value of your property over $500,000, or if your property is sold for over $1,000,000, you’ll pay $1,000 + 0.25% of the amount over the million dollar mark. If your property sells for under $500,000, then you don’t pay the additional fee.

You can read more on the stamp duty exemptions here and the additional property transfer fees here.

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