Our empty nesters head for the border

Gold Coast Bulletin 11th of June 2010
Matthew Killoran - killoranm@goldcoast.com.au

A big influx of over-50s is expected to take advantage of the NSW Government’s $22,000 stamp duty cut on new houses.

The cut applies for two years to anyone buying an off-the-plan home for less than $600,000 and means a saving of up to $22,490.

DJ Stringer Property Services principal David Stringer said the over-50s demographic and empty nesters looking to downsize would get the most benefit.

“I can see a lot of older people coming out of bigger homes, taking advantage of the fact they don’t have to shell out another $12,000 to $20,000,” he said.

“It will let them have a bit more money to play with…”

Retirees and empty nesters Jim and Clare Badger are selling their 4ha property on Tallebudgera Creek Road, Tallebudgera Valley, for less than $1.75 million.

Mr Badger said the stamp duty cut would make them consider crossing the border.

“If we saw a place in NSW we liked, that would be an extra incentive,” he said.

Their marketing agent, Katrina Walsh, of DJ Stringer Property Services, said it was nice to see the NSW Government giving something back to home buyers.

“From a real estate point of view we do need to kick things on a little bit,” she said.

North Estate Agents senior salesman Lance Cotterill said the Tweed was a popular place to retire and this gave people new incentive.

“They can sell their homes for $550,000 to $600,000, then buy a duplex or a unit for $450,000, then they’re $100,000 up and don’t have to pay stamp duty,” he said.

PRD Nationwide Coolangatta-Tweed agent Tony Maher said second home buyers might benefit most from the deal.

“It’s going to have a massive benefit to us in the Northern Rivers and Tweed area,” he said.

Mr Stringer said residents on the southern Gold Coast were fortunate as they were on the border and could easily ‘jump the fence’ to take advantage of the stamp duty exemption.