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ARTICLE · 17 OCTOBER 2017

Changes to property and conveyancing laws in NSW in 2017

Stacks Law Firm
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There have been many recent changes to NSW property laws affecting conveyancing and real estate transactions.

AustraliaReal Estate and Construction
David Crossan
David Crossan
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There have been many recent changes to NSW property laws affecting conveyancing and real estate transactions. Some important changes are summarised below.

Duty (formerly known as "stamp duty")

On 30 June 2017 the NSW New Home Grant scheme ended. That scheme provided a grant of $5,000.00 to purchasers of vacant land who intended to commence construction of a new home on the property within 26 weeks of the date of settlement. (See New Home Grant scheme.)

On 30 June 2017 the NSW Office of State Revenue – First Home – New Home scheme ended.

That scheme provided that no duty was payable for the purchase of a new home by a first home buyer up to the value of $550,000 and concessional duty was payable between the value of $550,000 and $650,000.

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