NSW Premier Dominic Perrottet’s Stamp Duty Reform

NSW first home buyers will be given the choice to pay stamp duty or an annual land tax under a major reform by the Perrottet government in a test to move away from transfer duties.

In Dominic Perrottet’s first budget as the NSW premier, he has proposed an overhaul of property and housing taxes.

Under the new $730 million property tax plan — that sits at the core of the NSW Budget — first home buyers will have the option of paying the upfront cost of stamp duty, or an annual property tax payment of $400 plus 0.3% of the land value of the property. It will be available on homes valued at less than $1.5 million.

Ahead of the budget, Mr Perrottet said the initiative is aimed at aiding first-home buyers get into the market.

“We want to lower the barriers to owning a home for first home buyers seeking a place of their own,” Mr Perrottet said. “In the past two decades, the share of first home buyers under 35 years of age has declined from 67 per cent to 61 per cent.”

The scheme put forward by the Liberal state government is the second of its kind in the country, with the ACT halfway through a 20-year transition away from stamp duty. There, once a buyer accepts the land tax option it is permanently removed from the stamp duty system.

The NSW model will differ from the ACT scheme in that homes can revert to stamp duty once they are sold to a new owner.

Legislation for the new plan will be introduced into parliament in the second half of the yar, with eligible first home buyers to apply to opt into the program from January 16 in 2023. Any home buyers who purchase in between the laws being passed and the program coming into effect will be able to have their stamp duty payments refunded.

Former Aussie Rules player Jeff Chapman’s dream beach house, which has had its praises sung by The Independent in the UK, is back on the market with a revised – and more competitive – price guide.

The contemporary pavilion-style residence Alinghi, created by celebrated architect James Grose, was voted one of the top five beach houses in the world by the British newspaper and has been operating as a luxury holiday rental earning up to $7000 a week.

The one-time Melbourne forward and founder of Bennelong Funds Management, and his wife Carena Shankar, listed the five-bedroom getaway back in mid 2024 with hopes of about $8 million. The prestige property is now back with new agent Pauline Karatau of Ray White New Farm and the amended guide now sits at $6.5 million.

As part of the private 5ha Rocky Point estate, at the southern end of the Great Barrier Reef overlooking Honeymoon Bay, the glamorous holiday home shares not only a private beach with just four other neighbours, but also a 30m saltwater pool, a full-size tennis court, a beach cabana with barbecue facilities and a full-time live-in caretaker on site.

Alinghi seemingly floats against the cliffs of North Queensland’s Capricorn Coast consisting of two pavilions and shallow reflections pools for ultimate serenity. Residence number 5 is home to a two-storey main pavilion with large living spaces spilling onto semi-enclosed areas framing enviable ocean views. Upstairs there are four bedrooms, including two with ensuites. The second pavilion is a private retreat housing the main bedroom suite with an additional study or wellness space.

Crafted by Grose to leave minimal impact on its natural environment, the house features external materials sourced locally including rich cedar, plus glass and Travertine stone specifically chosen to blend and weather with the landscape over time.

The low maintenance property is also relatively self sufficient thanks to water tanks collecting the region’s abundant rainfall. Despite it’s northern Queensland address air-conditioning is an after-thought due to the clever cross-ventilation design principles and deliberate orientation capturing ocean breezes that flow through the large footprint.

Alinghi’s external lightning has also been carefully designed to be low voltage with minimum impact upon the local wildlife including wallabies, echidnas, goannas, turtles and even a diverse range of native birds. From the private terraces throughout winter, homeowners can also track the migratory whales.

Alinghi is a 90-minute drive away from Agnes Waters and its sister town of 1770 (also known as Seventeen Seventy). It is approximately 120kms from Bundaberg, which is home to a well-serviced domestic airport.

Alinghi is listed for sale with a price guide of $6.5 million via Ray White New Farm agent Pauline Karatau on 0418 733 773.

NSW Premier Dominic Perrottet’s Stamp Duty Reform

As part of the NSW government’s budget, changes have been made to the tax.