Buyers scramble as $1.5m becomes the hottest number in Sydney housing

According to The Australian Financial Review, under the NSW government scheme, which kicked off on January 16, first home buyers of properties under $1.5 million can opt into paying a smaller annual land tax instead of stamp duty.
The scheme is limited to properties worth $1.5 million or less, which the government said would cover 97 per cent of first home buyers.
For homes worth $1.5 million, first-home buyers can save $66,700 in stamp duty if they opt to pay $3100 in annual land tax for as long as they own the property.
Sydney home buyer Leighton Aurelius quickly realised the segment of the market he was targeting – homes worth up to $1.5 million – was so competitive that properties were getting snapped up at auctions even before he had a chance to bid.

https://www.afr.com/property/residential/buyers-left-scrambling-as-mini-bubble-hits-sydney-housing-market-20230309-p5cqof