Property buyers in New South Wales will receive a 50 per cent stamp duty cut on newly constructed properties that have a purchase price up to $600,000 from 1 July 2009. The state government is testing this for 6 months with plans to review the measure in 2010.

The initiative will provide a $64 million boost for the housing construction industry and put up to $11,245 back into home buyers’ pockets.

This boost will not apply to first home buyers who are currently exempt from stamp duty on purchases up to $500,000.

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