NSW home buyers will benefit from a new scheme that has kicked into action across the state, Treasurer Mike Baird says.
Mr Baird said a grant scheme for people who are buying a newly-built or off-the-plan home, and increases to stamp duty exemptions starts on Sunday.
The incentive is part of the government's Building the State package contained in the July budget, which is aimed at boosting housing development and addressing housing shortages in the state.
The New Home Grant Scheme offers a $5,000 grant to all non-first homebuyers of new off-the-plan or newly-built properties valued up $650,000.
People buying vacant land valued up to $450,000, with the intention of building a new home, will also get the grant.
Stamp duty exemptions will also increase for first home buyers of new homes and vacant land from Sunday.
The stamp duty exemption now applies for properties up to $550,000, with concessions for properties to $650,000, for first home buyers of new homes. The exemption also applies to vacant land purchases up to $350,000 plus there will be concessions for land bought at up to $450,000.
"This is great news for homebuyers across the state," said Mr Baird said.
From October 1, 2012, the First Home Owner Grant will more than double to $15,000 and then continue at $10,000 from 2014 for first time homebuyers of new properties.