The NSW Government's changes to stamp duty exemptions will result in a wave of first homebuyer activity, it has been predicted.
Loan Market COO Dean Rushton has forecast that the NSW Government's move to limit stamp duty concessions to first homebuyers purchasing a newly-constructed home could see many buyers jumping into the market before the changes come into effect.
"This concession for first time buyers not paying stamp duty on established homes will cease from January 1, 2012, and it’s prompted a lot of people to assess their options now. That concession can be worth around $15,000, which is double the amount of the First Home Owners Grant. We are now seeing many people accelerating their plans to buy," Rushton said.
Rushton claimed Loan Market had seen a 15% spike in first time buyer enquiries nationwide, with a 30% rise in enquiries in NSW alone. He predicted that this trend will not only continue, but intensify, as the new year approaches.
"First home buyer activity will only rise in the coming months to beat this deadline," he said.