Labor, coalition land in NSW stamp duty reform fight

Completely wiping stamp duty for more first-home buyers is better than recent reform, NSW Premier Chris Minns says as he faces a fight to repeal the coalition's flagship land tax choice policy. 

Opposition Leader Mark Speakman on Thursday revealed he would fight Labor's bid to overturn the First Home Buyer Choice law, passed under the previous government.

The model allows buyers of homes between $800,000 and $1.5 million to avoid up-front stamp duty by paying an annual levy based on land value.

More than 2300 first-home buyers signed up in the scheme's first two months.

Mr Minns said he was committed to repealing the annual land tax and instead lifting the level at which stamp duty begins for first-home buyers from $650,000 to $800,000.

Homes between $800,000 and $1 million would receive a stamp duty concession.

"The bottom line here is we believe our policy's better," Mr Minns said.

"We've articulated it to the people of NSW in the election campaign, we believe it will make a real difference (to) housing affordability and first-time buyers.

"We've been sceptics about a permanent tax on the family home since this policy was announced."

Mr Speakman said the coalition would always stand up for first-home buyers, who faced "dire" housing affordability and should have maximum choice.

He would be lobbying "as hard as possible" to get crossbenchers who helped pass the law last year to hold the line.

"We say to Labor, 'get out of the way, let first home buyers have a choice'," Mr Speakman told reporters.

"The Liberals, the Nationals and those crossbenchers have a mandate to stand up for first home buyers."

The premier disagreed.

"I don't believe being on the losing side of an election campaign gives you a mandate to hold on to that policy," Mr Minns said.

Mr Speakman succeeded former premier Dominic Perrottet as Liberal leader in a vote on Friday.

He is due to announce his shadow ministry before parliament returns on May 9.

The stamp duty reform was a pet project of Mr Perrottet, who first flagged phasing out the housing tax when treasurer.

Later, during the dying days of the election campaign, he announced proposals to expand the home buyer choice model to participants' second homes.