It’s been a big week in housing but the stakes are high. With almost every LGA in the state crying out for more housing options, the moves of the government to increase homes is crucial. 

This week the dream of home ownership has been front and centre, with the NSW Government launching various policies and programs to make the cost of home ownership more affordable. 

Under the NSW Shared Equity Scheme, key workers, single parents and older singles struggling to enter the housing market will be eligible for equity from the NSW Government to contribute towards the cost of buying a home. 

An equity share of 40 per cent will be offered to new home buyers and up to 30 per cent for buyers of existing homes. 

Key workers include the likes of teachers, nurses and police officers. 



The scheme was announced days before stamp duty reforms were passed into legislation, allowing first home buyers a choice between paying a smaller annual property fee or a large upfront stamp duty on their first property (which has previously been the only option).

Those eligible for the shared equity scheme will still remain eligible for first home owner grants and stamp duty exemptions. 

NSW Premier Dominic Perrottet believes that the stamp duty reforms could shave two years off of saving time.

“People can now save huge sums of money on the biggest purchase of their life,” Mr Perrottet said. 

The reform intends to make buying a home more viable by cutting down upfront costs and spreading it over a period of years. 

In NSW, stamp duty for a $480 thousand house costs $31,090. The yearly fee would break even in 21 years. 

The new alternative yearly cost will be known as a land tax. 

While some have praised the new legislation, others weren’t so keen. 

Property Council of Australia Executive Director Adina Circson said that stamp duty is inefficient and puts a brake on economic growth. 

““We are pleased to see this legislation has now passed the NSW Parliament and hope it is the first step to further reform that extends beyond first home buyers and considers genuine reform across all sectors of the market in line with our previous call for broad based tax reform,” Ms Cirson said. 

“However, we are disappointed, there is no inbuilt review of the reform to ensure there is no increase in cost of housing development and it does not result in a disproportionate impact on other parts of the property sector as has been experienced in the ACT over the last ten years.”

 Labor leader Chris Minns said the tax could only perpetuate housing unaffordability if land taxes rise with the house’s value. 

According to Mr Perrottet, the legislation caps increases in the annual land fee at 4 per cent. 

Eager to get the stamp duty reform to the public, eligible first home buyers can access the scheme from Saturday 12 November. 

The Shared Equity Scheme will see 3,000 spots available each year in 2022-23 and 2023-24.