First-home buyers on the hunt at auctions in Sydney this weekend will have another major financial decision to make – stamp duty or land tax.
Legislation rubberstamped by New South Wales parliament this week provides the option of an annual levy, instead of a lump-sum, upfront duty payment, and will apply to homes going under the hammer on Saturday across New South Wales.
The scheme is open to first-home buyers of dwellings costing up to $1.5 million or vacant land up to $800,000.
NSW premier Dominic Perrottet's major real estate reform was opposed by the Greens and Labor but had enough support from the minor parties to be passed into legislation on November 10.
READ MORE: The Aussie suburbs where it costs less to have a mortgage than to rent
Called First Home Buyer Choice, buyers can pick between the larger, one-off stamp duty or a smaller charge of $400 plus an annual installment of 0.3 of the property's land value.
Across Sydney, 641 properties are going to auction on November 12, Domain data shows. The figure is a 6 per cent improvement of the number under the hammer last week, although volumes are well down on what they were at the same time last year (the cooling market is not attracting vendors in the same droves).
These are a few properties going to auction on November 12, with price guides under $1.5 million, with a side-by-side comparison of stamp duty or the annual levy, which the winning buyers will select from.
Property News: Music promoter Michael Coppel sells Toorak home for more than $30 million –
© 2022 Nine Entertainment Co.