The state government announced changes in the budget to more than double the first home grant to $15,000 for buyers of new property priced up to $650,000.
However, buyers of existing property are in for a nasty surprise. The $7000 first home owner grant - in operation since 2000 - will cease to exist.
First home buyers of new houses and apartments will also continue to be exempt from stamp duty and it will now apply to properties worth $650,000, rather than the $600,000 previously.
The budget changes mean that, from October 1, first home buyers who purchase a new home priced at $550,000 can save up to $35,240, which is close to $20,000 more than the previous saving.
As expected, the government has now ended the stamp duty concessions for non-first home buyers of new properties.
But by way of compensation, it will offer a $5000 grant to purchasers other than first-timers - investors, upgraders and downsizers - for new properties priced up to $650,000.
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