NSW treasurer Mike Baird said the government made the changes to increase the number of first home buyers purchasing new homes. Grants for newly built homes are up 83 per cent in the six months to November compared to the same period in 2012, Mr Baird added. A $15,000 grant, applicable for the next two years, is available to first homebuyers of new homes costing up to $650,000. Stamp duty won't be charged on homes worth less than $550,000 and a reduced fee will be imposed upon those who purchase property for less than $650,000, Mr Baird said. "Previous incentives to first homebuyers for existing properties simply increased mortgage sizes, as they increased demand without any boost to housing supply," Mr Baird said in a statement to AAP. We are unashamedly targeting first homebuyer incentives towards new homes. The NSW property market, he said, was the best it had been for a decade. Increasing housing stock and choice will ease competition in the market and help to get more first homebuyers into the housing market sooner.