First-home buyers in NSW have taken advantage of more than $1 billion worth of discounts and grants since 2017, new figures reveal.
Almost 60,000 first-time purchasers received stamp duty concessions worth more than $846 million between July 2017 and May 2019, according to Treasury data.
Nearly 16,000 also claimed a total of $181 million in grants over the same period.
While the measures have denied the state government a great deal of revenue, Treasurer Dominic Perrottet said the housing affordability package has helped tens of thousands of more people “realise the dream” of owning their first home.
“These measures were aimed at helping more first home buyers get into the market and they have done exactly that,” he said in a statement.
“There is no doubt that we have made getting onto the first rung of the property ladder easier for people and that’s great news for prospective first time buyers.”
The figures show that first-home buyer concessions for residential properties worth less than $800,000 made up about 6.4 per cent of transactions in 2016/17.
But as of May, nearly two years since the package was introduced, that has jumped to 28.9 per cent.
First-home buyers don’t have to pay stamp duty on new or existing homes worth up to $650,000, or will only pay a reduced rate on properties between $650,000 and $800,000.
Grants of $10,000 are also on offer for those who buy their first home up to $600,000.