The NSW Government has introduced the First Home Buyer Choice scheme. This will allow NSW first home buyers a choice between paying stamp duty or a smaller annual property tax.
General applications to the scheme open on 16 January 2023, but the scheme may apply where a contract of purchase is signed on or after 11 November 2022. Full eligibility requirements are available here.
A calculator is also available which compares the estimated property tax and stamp duty for those that choose to opt-in.
Further information is available from the NSW Government: https://www.nsw.gov.au/initiative/first-home-buyer-choice