Aussie identifies some of the eligible suburbs still within commuting distance of CBDs.
What does affordability look like across the different states?
Each Australian state has different rules and limits for the stamp duty exemption. We explore how they stack up and pinpoint some areas that could be worth considering as you pursue your dream of home ownership.
New South Wales
For first home buyers, homes worth up to $650,000 are exempt, with some relief on homes worth up to $800,000.
Check out the official government site here for more information.
If you’re armed with a budget of $650,000, two suburbs that could be worth considering are Carramar in Sydney‘s west, and Lalor Park in the North West.
Both suburbs are part of Greater Western Sydney, an area that’s on the receiving end of some serious investment from the Australian government.
Other Greater Sydney suburbs a little farther afield that come in under the $650k budget include Macquarie Fields in the south west, Umina Beach in the north, and Bateau Bay in the north west.
Victoria
For first home buyers across Victoria, homes worth up to $600,000 are exempt with concessions on a sliding scale for homes worth up to $750,000.
Check out the official government site here for more information
There are a few suburbs within reach of the Melbourne CBD that sneak under the stamp duty exemption threshold of $600,000. Thomastown, just 17 kilometres north of the CBD boasts a median property price of $580,000, and has a great reputation with the locals for transport and infrastructure.
Other eligible Melbourne suburbs include Sunshine West and Point Cook, both less than 25km from the CBD.
Queensland
In the Sunshine State, a stamp duty rebate is available for first home buyers who buy or build a property worth up to $550,000.
Check out the official government site here for more information.
With Brisbane’s overall median house prices in the region at $650,000, it’s a generous offering. First time buyers can get on the property ladder without having to pay stamp duty in suburbs such as Tingalpa or Hemmant, both within 15km of the Brisbane CBD.
Other Brisbane suburbs with a median price under the stamp duty threshold that are also less than 15km from the CBD include Everton Hills in the north west, Coopers Plains to the south and Banyo to the north east.
Western Australia
A stamp duty rebate is available for all first home buyers who buy or build a property worth up to $530,000 or $400,000 on vacated land.
Check out the official government site here for more information.
There’s no shortage of Perth suburbs within reach of the CBD with median prices under the stamp duty exemption, including Alexander Heights to the north and Beckenham to the south.
Other Perth suburbs well within the stamp duty threshold include Greenwood about 18km north and Mount Nasura, 30km inland to the south east. With locals giving Perth public transport a big thumbs-up for comfort and reliability even suburbs further out should still be accessible.
South Australia
New or substantially refurbished apartments worth up to $500 000 are exempt from stamp duty under South Australia’s Off-the-Plan Concession.
Check out the official government site here for more information
The stamp duty exemption is likely to increase the already popular appeal of Adelaide, especially with median house prices for recent sales in the metro area hovering around the $500,000 mark.
Take your pick of suburbs including North Plympton less than 10km to the South West or Glen Osmond to the South East, both with average unit prices well under the stamp duty threshold. Just remember the exemption applies specifically to apartments.
Other eligible suburbs only a stone’s throw from the CBD include Albert Park, Hendon, Kilburn and Newton.
Other Affordability Schemes
If you live in one of the states that doesn’t offer full exemption you could still benefit from affordability measures that offer partial relief.
The initial $500,000 of homes worth up to $650,000 is exempt. Check out the official government site here for more information
Under the Home Buyer Concessional scheme (not restricted to first time buyers), new homes worth up to $470,000 are exempt.
Rebates are also available on the balance for homes worth up to $607,000 provided your total gross income is less than $160,000, or $176,650 and depending on the number of children in the home. Check out the official government site here for more information.
What if my new home isn’t below the stamp duty threshold?
If you’re looking at a home that doesn’t qualify for the exemption or discounts, check out the Stamp Duty calculator to see how much you’d need to pay.
A little planning and research could find you a place within reach of the CBD of most capital cities that still takes advantage of stamp duty exemptions. Talk to your Aussie broker today about finding the right loan for you.
