The NSW Government has announced stamp duty will be temporarily scrapped for first-home buyers purchasing newly-built properties worth up to $800,000 and heavily discounted for homes priced up to $1 million.

Commencing 1 August 2020, the threshold above which stamp duty will be charged on new homes for first-home buyers will increase from the current $650,000 to $800,000. with the concession reducing on higher values before phasing out at $1 million.