PREMIER Berejiklian announced that stamp duty on properties up to $650,000 would be scrapped for first home buyers.
Many trying to get a foot in the Sydney property market believe the $650,000 cut-off is pointless, but first-timers taking the plunge in the Myall Coast region have more flexibility.
According to local Real Estate Agents, the average house price in Bulahdelah is around $310,000, which would save first home buyers about $9,400 in stamp duty.
In the Tea Gardens/Hawks Nest area, the median price ranges from $400,000 for older houses, up to $600,000 for newer homes, bringing savings of between $13,490 and $22,490.
The Myall Coast region is well known for having one of the oldest demographics in the country, but the removal of the stamp duty could see an influx of young buyers seeking more affordable housing.
According to local agents, there has already been an increase in the number of couples and young families buying in both Bulahdelah and Tea Gardens/Hawks Nest.
“Historically, it has been a place where a lot of retirees come,” James Murphy from Tea Gardens Real Estate said.
“But we have seen a huge change in demographic, and now there are many people who work in Newcastle and other areas coming here, as they can easily travel because of the road networks.”
Strong growth in the local market over the past few years has seen property values jump by about eight percent in Bulahdelah and around 15 percent in Tea Gardens.
Brooke Lloyd, from R&R Property in Bulahdelah, said the region could experience further growth.
“Affordability for first home buyers in this area is good, and the removal of the stamp duty will make owning a home a more viable option,” she said.
“But it could all come down to the availability of jobs and the willingness to travel for work opportunities.”
Under the changes, the government will also provide a $10,000 first home owners grant for purchasers of new homes up to $600,000 and for builders of new properties up to $750,000.
The changes will come into effect on 1 July.