As was widely expected, the Reserve Bank (RBA) decided to once again leave the official cash rate on hold last week at its monthly board meeting.
The NSW State Government announced on 6th September 2011 that as of 1st January 2012 stamp duty concessions will only be available to first home buyers purchasing a brand new home or vacant land intended to be used as a site for a first home. So purchasers of established properties will no longer receive a stamp duty concession as of 1st January 2012.
We expect to see an increased number of first home buyers entering the market between now and the end of the year trying to make the most of the stamp duty exemptions before they are removed in 2012.
For more detailed information on all of these benefits please visit www.osr.nsw.gov.au.