The NSW Government has announced details of a program called the Comprehensive Housing Supply Strategy. Details of the benefits for the housing industry are as follows-

 Stamp duty cuts and exemptions, $120 million over 2 years

1. Zero stamp duty on new homes worth up to $600,000 that are ‘bought off the plan’ before any construction work begins. This represents a potential saving of up to $22,490 for the consumer.
   
2. 25% discount in stamp duty on new homes, where construction has already started, but that have not been occupied or sold before. This represents a potential saving of up to $5,623 for the consumer.
   
3. Over 65’s selling their home will pay zero stamp duty on newly constructed homes at any stage of the construction process, provided that the new home has not been occupied or lived in previously. The purchaser must live at the new house as their principle place of residence for a period of 12 months to be eligible.

 Caps on Local Government Development Contributions 

1. A cap of $20,000 has been placed on the amount councils can charge developers for projects.

 Assistance to Local Councils to Fast Tracking Development, $35 million over 2 years 

1. Priority councils can share in a $5 million dollar Local Contribution Development Fund when they fast track local development contribution plans. Once completed, the Independent Pricing and Regulatory Tribunal will assess these plans against revised guidelines and regulations that allow councils to recover essential infrastructure costs arsing from developing land.
   
2. Councils will be assisted to bring forward completion of comprehensive LEP’s which incorporate housing and employment targets through the provision of $10 million over two years from an LEP Acceleration Fund.
   
3. Councils that exceed their average residential building approvals and demonstrate superior performance against development assessment timeframes will be rewarded through a new two year $20 million Building Approval Advancement Fund.

 Accelerated Planning Reforms, $8.9 million over 2 years 

1. Additional funding of $2.9 million over two years will be provided to the Department of Planning to facilitate the comprehensive LEP program and accelerate spot rezoning outcomes.
   
2. $2 million dollars has been provided for a two year pilot program to help councils experiencing rapid growth process development applications.
   
3. $2 million will be provided for the upcoming Transit Orientated State Environmental Planning Policy (SEPP) that will aim to streamline the rezoning process for sites near transport infrastructure.
   
4. $2 million has been allocated to support initiatives around land release