Home buyers in NSW are being promised cheaper stamp duty under what's being spruiked as the biggest change to the tax in 30 years.
From July the seven price brackets that determine how much stamp duty is paid will rise in line with inflation.
NSW Treasurer Dominic Perrottet labelled it the "most significant reform in a generation", noting that the brackets had been largely unchanged since 1986 - when the median house price in Sydney was $100,000.
It's now more than $1 million.
The government says the changes will cut the average amount of stamp duty per property transaction by around $500 by 2021 but the savings will rise over time.
"Whether you are a first homebuyer, a downsizer or upgrading to the family home you will ultimately benefit as a result of this reform," he said in a statement on Monday.
"Pegging stamp duty to CPI will reduce the tax burden on homebuyers allowing them to put more money towards a deposit."
The changes will affect transactions made on or after July 1, 2019.