First homebuyers will be given the opportunity to choose between an upfront payment or a smaller annual property tax under reforms aimed at making home ownership more affordable in NSW.
The First Home Buyer Choice scheme is part of a multi-billion dollar housing package to be unveiled in the 2022-23 NSW Budget.
Under the new initiative, first homebuyers who opt into the property tax will pay an annual property tax of $400 plus 0.3 per cent of the land value of the property.
But while these reforms are a step in the right direction to bridge the affordability gap, they don’t go far enough as PropTrack economist Angus Moore explains.
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