In a positive move, the state government has just announced in its budget that NSW home owners over 65 will soon get an exemption on stamp duty when downsizing to buy a new home for less than $600,000. This represents a potential saving of about $25,000, and will make selling and buying another home of lesser value more attractive for many.
Although some commentators have already made the point that the dollar limit of $600,000 should be higher (given the median house price in NSW is $600,000 too), it is nevertheless a long overdue step in the right direction.
For retirees who need to access some value in their property but do not wish to sell their family home, reverse mortgages and equity release products will remain an attractive option.
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