There are now only 21 days for first home buyers to take advantage of the stamp duty exemption before it runs out at the end of this year.  As of January 1, 2012, first home buyers in NSW will no longer be able to claim stamp duty exemptions on established homes valued up to $600,000. Instead, only first home buyers purchasing new homes, including those built off the plan will be eligible for this stamp duty concession.

It is now time to act, to ensure you don’t miss out on potentially saving between $8,000 and $12,000.

With the Reserve bank reducing the official cash rate on Tuesday, this could also increase confidence among first home buyers.

The tightening of stamp duty is set to stimulate the housing sector and it’s estimated to result in about 20,000 new homes being built across the state by 2014-15.  In his pre-budget address, Treasurer, Mike Baird said the government wanted to direct stamp duty concessions to new homes. In what he described as a “long-raging debate” about government incentives for first-home buyers, he said: “We want to see growth in newly-constructed homes.”

Shaun Lowry, Director of Fitzpatricks Real Estate said “this will definitely create some sort of urgency in our current marketplace for those wanting to take advantage of this window of opportunity.”

Here are some properties we believe would make ideal first homes:

2 Stillman Avenue, Kooringal – $189,500

82 Tichborne Crescent, Kooringal – $219,000

132 Meadow Street, Kooringal – $239,500

22 Hodson Avenue, Turvey Park – $255,000

2 Cullen Road, Central – $259,000

9 Cutler Avenue, Kooringal – $267,000

16 Waranga Avenue, Mount Austin – $269,000

31 Gardenia Avenue, Lake Albert – $279,000

20 Kimba Drive, Glenfield Park – $285,000

42 Boree Avenue, Brunslea Park – $289,000

9 Titanga Place, Bourkelands – $298,000

28 Mirrul Street, Glenfield Park – $339,000