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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.