Western Sydney First Home Buyers big winners in expanded program
Wednesday, 21 August 2024
Thousands of first home buyers are building a future in Western Sydney with help from the Minns Government’s expanded First Home Buyers Assistance program.
In its first year, 33,365 first home buyers in the expanded program have paid no stamp duty, or discounted stamp duty when buying their first home.
More than 12,500 of those first home buyers purchased a home in Western Sydney.
From Camden to Penrith, The Hills, Parramatta, Bankstown and Liverpool, first home buyers across Western Sydney have saved an average of $20,562.
Specifically, in Blacktown, the Blue Mountains, Cumberland, Parramatta and Penrith local government areas (LGAs), first home buyers saved an average of $21,092 on their purchase.
Across The Hills and the Hawkesbury LGAs, first home buyers saved $22,239 on average.
And in Camden, Campbelltown, Canterbury-Bankstown, Fairfield, Liverpool and Wollondilly LGAs, the average saving for a first home buyer under the expanded program was $19,421.
Data by suburb shows Western Sydney suburbs make up eight out of the top ten metro suburbs for first home buyers, including Campbelltown, Liverpool, Parramatta, St Marys and Westmead.
In the middle of a housing crisis, the First Home Buyers Assistance program is one of the Minns Government’s biggest cost of living relief measures, providing meaningful support to help tens of thousands of people to buy their first home.
From 1 July 2023, the Minns Labor Government expanded thresholds to mean that first home buyers purchasing for under $1 million would pay either no, or discounted stamp duty.
The threshold for a full stamp duty exemption was lifted from $650,000 to $800,000. And the stamp duty concession threshold increased from $800,000 to $1 million.
The higher thresholds allowed for more than 18,000 first home buyers across NSW to receive greater support than they would have under the previous government.
Overall, the average saving for a first home buyer in NSW increased by almost $4,000 under the Minns Government’s expanded program.
Multiple Western Sydney local government areas recorded a major increase in the number of first home buyers receiving support.
That includes the Hawkesbury LGA which has seen a 127 per cent increase and Camden LGA which recorded a 110 per cent increase over the last year.
Premier Chris Minns said:
“We’re delivering real cost of living relief that’s helping tens of thousands of people buy their first home and build a life in Western Sydney and across the state.
“In its first year, our program has helped first home buyers get into the market, without having to leave Sydney or NSW.
“We have helped more singles, couples and families to create a future in our state.”
Treasurer Daniel Mookhey said:
“Savings of just over $20,000 on average mean that a first home buyer in Western Sydney is in a far better position to compete against investors to buy their home.
“Right across NSW, over two thirds of first home buyers using the expanded program now pay no stamp duty at all.”
MEDIA:
Dan Conifer | Premier | 0456 723 037
Stephen Fitzpatrick | Treasurer | 0459 992 525
LGA Data
| LGA | Total^* | |
| Number of first home buyers | Average Saved ($) | |
| Cumberland | 1,952 | 20,414 |
| Blacktown | 1,952 | 20,280 |
| Parramatta | 1,700 | 22,970 |
| Penrith | 1,350 | 20,422 |
| Canterbury-Bankstown | 1,330 | 19,546 |
| Campbelltown | 1,144 | 21,178 |
^Data provided by Revenue NSW as at 10 July 2024.
*FHBAS data attribution to a local government area (LGA) is based on postcode data and which LGA the majority of the postcode is located. This means a postcode spanning multiple LGAs is allocated wholly to one LGA and not split across multiple LGAs. Therefore, LGA data is an approximation only.
LGA’s with above average increases in FHBers receiving assistance
| LGA | FHBers in
2023-24 |
FHBers in 2022-23 | % increase |
| Camden
|
366 | 174 | 110.34 |
| Fairfield
|
539 | 300 | 79.67 |
| Campbelltown
|
1,144 | 643 | 77.92 |
| Penrith
|
1,350 | 765 | 76.47 |
| Parramatta
|
1,700 | 1,103 | 54.13 |
Metro Suburbs Top Ten (order by total value saved)
| Suburb (based on postcode) | Number of first home buyers | Average Saved ($) |
|
Campbelltown
|
607 | 21,034 |
| Liverpool
|
624 | 18,314 |
| Westmead
|
546 | 20,461 |
| Parramatta
|
450 | 21,217 |
| St Marys
|
434 | 21,687 |
| Homebush Bay
|
364 | 24,899 |
| Blacktown
|
464 | 19,390 |
| Mount Druitt
|
403 | 21,917 |
| Gosford
|
394 | 21,485 |
| Homebush
|
359 | 23,110 |
