The government has introduced a significant policy change that will greatly benefit first home buyers. Stamp duty, a substantial cost associated with property purchases, will be abolished for eligible first home buyers. Under the new policy, eligible first home buyers who are purchasing a new home valued up to $650,000 will no longer have to pay stamp duty. The benefit of the new policy for first home buyers is significant: stamp duty costs approximately $16,000 for homes priced at $650,000. Additionally, relief will be phased out progressively for properties valued up to $700,000, meaning even if your home falls within this higher price range, you can still benefit from reduced stamp duty costs.
If you plan to build your own home on vacant land, the stamp duty relief applies to you as well. The policy states that stamp duty will be abolished on land valued up to $400,000. This provides a tremendous opportunity for first home buyers to secure land at a more affordable price. Similar to new home purchases, relief will be phased out for land valued up to $450,000, ensuring a range of options for buyers at different price points.
Where can I find houses for $650,000?
Our analysis shows there are around 215 suburbs in Adelaide where you can find a house priced at $650,000 or less to enjoy stamp duty relief.
Some key suburbs are outlined in the table below:
Suburb | Median price |
Seaford Rise | $647,000 |
Port Noarlunga | $615,000 |
Tea Tree Gully | $605,000 |
Valley View | $595,000 |
Modbury | $580,000 |
Christies Beach | $567,000 |
Morphett Vale | $525,000 |
Woodville Gardens | $512,000 |
Salisbury | $491,000 |
Eyre | $480,000 |
Next steps
You can find homes under $650,000 in a range of suburbs across Adelaide here:
Davoren Park (3 bedrooms, 2 bathrooms, 1 car garage)
Smithfield Plains (3 bedrooms, 2 bathrooms, 2 car garage)
Virginia (3 bedrooms, 2 bathrooms, 1 car garage)
Munno Parra (3 bedrooms, 2 bathrooms, 1 car garage)
Angle Vale (3 bedrooms, 2 bathrooms, 1 car garage)
To get in touch with a First Home Coach and find out more, including if you're eligible to save under the new government scheme, click the button below.
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