Scott Farlow
Shadow Treasurer
Shadow Minister for the Hunter
Monice Tudehope
Shadow Minister for Finance
More first home buyers across New South Wales are missing out on stamp duty assistance as rising house prices push buyers beyond the eligibility thresholds of the Minns Labor Government’s scheme.
Analysis by the Liberals and Nationals of data published on the Government’s First Home Buyers Assistance Dashboard shows a 24% fall in the number of first home buyers eligible for a full transfer duty exemption between 2023-24 and 2025-26, based on monthly averages.
The trend is particularly stark in Western Sydney, where eligible first home buyer transactions have dropped by more than 36%, despite the region accounting for a large share of young families trying to break into the housing market.
Budget figures show that while the Minns Labor Government is banking a 45% increase in stamp duty revenue driven specifically by "stronger than expected residential house prices," the number of first home buyers qualifying for help is in freefall.
Shadow Treasurer, Scott Farlow, said the figures highlight how the Government’s thresholds are rapidly becoming out of touch with the NSW property market.
“500 first home buyers a month are missing out on full stamp duty relief because Labor’s thresholds simply haven’t kept pace with rising house prices,” Mr Farlow said.
“While first home buyers are being locked out of assistance, the Government’s finances are being propped up by a 45% increase in stamp duty receipts since Labor came to office, with a reliance on more stamp duty as house prices climb.”
“Under Chris Minns and Labor, young people are being squeezed twice; first being locked out of assistance, and then by paying more tax when and if they finally buy.”
Shadow Minister for Finance, Monica Tudehope, said the data shows the assistance scheme is becoming less effective as prices continue to rise.
“Under this Government fewer buyers are qualifying for first home buyer assistance that should be helping them onto the property ladder,” Ms Tudehope said.
“The scheme needs to reflect the reality of the housing market because when house prices rise but the thresholds stay the same, the scheme stops helping the people it was designed for.”
“At a time when affordability is already stretched, the Minns Labor Government is only making it harder, not easier, for first home buyers to get ahead.”