Online Office of State Revenue data has shown that a mere five First Home Owner Grants were given to Young residents in the last financial year.
Subscribe now for unlimited access.
or signup to continue reading
This resulted in just $70,000 in grants for new homes in town.
NSW treasurer Gladys Berejiklian said the grants and stamp duty exemptions offered by the scheme were boosting housing stock and helping to regulate prices.
“We have consistently said that supply is the key to putting downward pressure on prices,”
“Our policies to encourage the construction of new homes are clearly bearing fruit with, with residential approvals soaring by 10.5 per cent over 2015-16,” she said.
Ms Berejiklian said NSW was outperforming all other states.
“This is by far the strongest result among the states, with more than 70,000 NSW homes given the green light for construction last financial year.”
“The number of First Home Owner Grants increased by about 900 to around 9400 grants,” she said.
From January 2016, the $15,000 grant offered by the scheme for the construction or purchase of a newly-built home valued up to $750,000 decreased to $10,000.
However the scheme does offer full exemptions from stamp duty on homes valued up to $550,000 and concessions for homes valued between $550,000 and $650,000.
Those buying on vacant land to build their new home do not have to pay stamp duty on land valued up to $350,000 and concessions for land valued between $350,000 and $450,000.
Young received concessions to the value of $30,469.
