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Premier Gladys Berejiklian announced the stamp duty exemption will be extended to first homebuyers of existing homes up to $650,000 from 1 July 2017 and reduced stamp duty rates to homes valued up to $800,000.

“Today our response is about first home buyers,” Ms Berejiklian said. “It is about getting people into the market. That is what we are solving for today.”

Treasurer¬†Dominic Perrottet¬†defended setting the upper limit of stamp duty concessions for first home buyers at $800,000, describing that as a “fair price” when the median apartment price in Sydney is $700,000.

To help fund the package, the stamp duty surcharge for foreign investors will be doubled to 8 per cent and the land tax surcharge lifted from 0.75 per cent to 2 per cent.

For more information look at the NSW Government release.