Where first-home buyers can buy a home near the beach or the city and pay no stamp duty

The suburbs where first-home buyers can get into the property market and pay NO stamp duty

  • First home buy stamp duty free in NSW up to $650,000
  • Units near beach in Sydney and NSW Nth Coast available for less
  • Affordable property in Qld and Vic also stamp-duty exempt 

Property price drops caused by eight consecutive interest rate rises mean first-home buyers can now buy an apartment across a range of suburbs and avoid having to pay tens of thousands of dollars in stamp duty.

In NSW, newcomers to the market are already exempt from having to pay stamp duty if the property is bought for less than $650,000.

This is good news for those looking to buy an apartment in parts of Sydney or a house in a regional area, as Sydney suburbs near the beach and towns on the far north coast of NSW suffered the sharpest property price drops as a result of interest rate hikes. 

In Victoria, the stamp duty-free threshold is $600,000 while in Queensland, property newcomers are entitled to a stamp duty discount if the home is valued at less than $550,000.

This creates opportunities for buyers after a home with a backyard in Melbourne or Brisbane. 

First-home buyers can now buy an apartment near the beach or the city and avoid having to pay tens of thousands of dollars in stamp duty (pictured is the view from a unit at The Entrance on the Central Coast where $621,107 is the median price)

First-home buyers can now buy an apartment near the beach or the city and avoid having to pay tens of thousands of dollars in stamp duty (pictured is the view from a unit at The Entrance on the Central Coast where $621,107 is the median price)

Regardless of who wins the March election in NSW, first-home buyers will pay no stamp duty on homes worth less than $650,000, with the Labor Opposition promising to raise that threshold to $800,000. 

CoreLogic head of research Eliza Owen said first-home buyers were likely to return in droves to the housing market when interest rates stopped rising.

‘Once we start to see market conditions bottom out, that’s when you tend to get a lift in buyers who may be on a lower budget such as first-home buyers,’ she told Daily Mail Australia.

For those wanting to live closer to Sydney’s city centre, Rockdale has a median unit price of $642,517, following a 5.9 per cent drop during the past year, CoreLogic data showed.

Eastlakes, near the airport and Maroubra beach, has a mid-point apartment price of $578,942, with values last year falling by 7.3 per cent.

The sharp downturn means it’s now possible to buy a unit on Sydney’s Northern Beaches for less than $650,000, with Belrose’s median apartment price plunging by 23.4 per cent last year to $630,652, but this figure includes retirement villages.

Eastlakes (unit block pictured), near the airport and Maroubra beach, has a mid-point apartment price of $578,942, with values last year falling by 7.3 per cent

Eastlakes (unit block pictured), near the airport and Maroubra beach, has a mid-point apartment price of $578,942, with values last year falling by 7.3 per cent

Those able to work from home wanting to live within walking distance of the beach have more choices in regional coastal areas.

Ballina, on the far north coast, has seen its median apartment price plunge by 19.3 per cent to $592,438.

‘Those beachside markets like Belrose, Ballina could be quite popular with people looking to get a relative bargain,’ Ms Owen said.

For those wanting to be closer to Sydney, the Central Coast has affordable beachside apartments with the mid-point unit price at $621,107.

Those after a house near the beach have to move further away to a place like Nambucca Heads on the mid-north coast where $625,925 is the median price.

In Victoria, the stamp duty exemption for first-home buyers after a house is $600,000. That means someone entering the property market could buy a house at Broadmeadows (house pictured), 18km north of the city, where the median price is $589,350, following a fall of just one per cent in 2022

In Victoria, the stamp duty exemption for first-home buyers after a house is $600,000. That means someone entering the property market could buy a house at Broadmeadows (house pictured), 18km north of the city, where the median price is $589,350, following a fall of just one per cent in 2022

Should NSW Labor leader Chris Minns win the upcoming election in March, the stamp duty-free threshold for first-home buyers would be increased to $800,000. 

That means a unit right near Sydney’s Central station would be attainable with Chippendale having a median unit price of $794,120, following a 9.1 per cent drop last year.

In Victoria, the stamp duty exemption for first-home buyers after a house is $600,000.

That means someone entering the property market could buy a house at Broadmeadows, 18km north of the city, where the median price is $589,350. 

In Queensland, first-home buyers get a stamp duty discount if the home is worth less than $550,000.

That would help someone looking to buy in the flood-prone suburb of Rocklea 12km from the city, where the median house price is $501,058, or in the outer southern suburb of Inala where the mid-point price is $545,374.

Australia’s biggest home price falls

1. MULLUMBIMBY, NSW far north coast: Down 25.7 per cent to $1,036,653

2. SURRY HILLS, Sydney inner south: Down 25.2 per cent to $1,789,646

3. LISMORE HEIGHTS, NSW far north coast: Down 25.2 per cent to $437,806

4. TAREN POINT, Sydney Sutherland Shire: Down 24.5 per cent to $1,934,705

5. BAYVIEW, Sydney Northern Beaches: Down 24.5 per cent to $2,279,245

6. WAVERLEY, Sydney eastern suburbs: Down 24.5 per cent to $3,237,791

7. REDFERN, Sydney inner south: Down 24.3 per cent to $1,609,223

8. BYRON BAY, NSW far north coast: Down 23.9 per cent to $2,258,816

9. CENTENNIAL PARK*, Sydney eastern suburbs: Down 23.8 per cent to $817,693

10. BALGOWLAH, Sydney Northern Beaches: Down 23.7 per cent to $2,724,202

11. SEAFORTH, Sydney Northern Beaches: Down 23.6 per cent to $2,867,976

12. BELROSE*, Sydney Northern Beaches: Down 23.4 per cent to $630,652

13. WHEELER HEIGHTS, Sydney Northern Beaches: Down 23.3 per cent to $2,035,279

14. AVALON BEACH, Sydney Northern Beaches: Down 23.2 per cent to $2,368,313

15. QUEENS PARK, Sydney eastern suburbs: Down 23.1 per cent to $3,430,386

16. VAUCLUSE*, Sydney eastern suburbs: Down 23.1 per cent to $1,156,167

17. MONA VALE*, Sydney Northern Beaches: Down 22.9 per cent to $1,125,789 

18. SUFFOLK PARK, NSW far north coast: Down 22.7 per cent to $1,904,778

19. BANGALOW, NSW far north coast: Down 22.1 per cent to $1,484,437 

20. LISMORE, NSW far north coast: Down 21.9 per cent to $420,561

21.  SOUTH LISMORE, NSW far north coast: Down 21.8 per cent to $378,672

22. CUMBALUM, NSW far north coast: Down 21.8 per cent to $1,062,017

23. OCEAN SHORES, NSW far north coast: Down 21.7 per cent to $1,196,903

24. BRONTE*, Sydney eastern suburbs: Down 21.7 per cent to $1,291,912

25. BRUNSWICK HEADS, NSW far north coast: Down 20.9 per cent to $1,173,615

26. NEWPORT*, Sydney Northern Beaches: Down 20.7 per cent to $1,063,473

27. BELLEVUE HILL*, Sydney eastern suburbs: Down 20.7 per cent to $1,326,186

28. BONDI*, Sydney eastern suburbs: Down 20.4 per cent to $1,210,479

29. EDGECLIFF*, Sydney eastern suburbs: Down 20.4 per cent to $1,275,035

30. PADDINGTON*, Sydney eastern suburbs: Down 20.3 per cent to $1,017,729

31. BALLINA*, NSW far north coast: Down 19.3 per cent to $592,438

32. EAST BALLINA*, NSW far north coast: Down 16.6 per cent to $669,491

33. LENNOX HEAD*, NSW far north coast: Down 15.9 per cent to $945,042

34. EMERALD*, central Queensland: Down 13.2 per cent to $183,936 

35. PIMLICO*,Townsville: Down 12.9 per cent to $217,312

36. GEELONG WEST*, Geelong: Down 11.8 per cent to $485,015

37. LAUNCESTON*, north-east Tasmania: Down 11.7 per cent to $507,698 

38. BYRON BAY*, NSW far north coast: Down 11.5 per cent to $1,217,133

39. NEWTOWN*, Geelong: Down 11.2 per cent to $595,841

40. TOWNSVILLE CITY*, Townsville: Down 11 per cent to $379,153 

* Denotes median apartment price. The other suburbs refer to mid-point house price falls in the year to December 2022. Data from CoreLogic.

Source

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