Media reports claim the NSW government will later today announce higher fees and taxes for foreign property investors, raising billions of dollars that can go towards helping first-home buyers.

It is expected that the Foreign Investor Surcharge Duty will be doubled from 4 per cent to 8 per cent, and the annual land tax for foreign buyers will increase from 0.75 to 2 per cent, according to reports in The Daily Telegraph.

The changes are expected to be announced later today by Premier Gladys Berejiklian and Treasurer Dominic Perrottet, and will be effective from 1 July.

The measures aimed at foreign investors are expected to raise around $2 billion over the next four years. Those funds will be directed to increasing access to the existing first-home buyers bonus by offering it to buyers of existing stock, rather than just new homes.

The new threshold on stamp duty concessions for existing homes could be as high as $750,000, compared with the current threshold which currently stands at $650,000, media reports claim.

Recent data showed that one in every 10 buyers in NSW is from overseas.

The proposed changes will make NSW the most expensive state for foreign real estate buyers, according to The Daily Telegraph.

Read more about foreign investment in Australia:

How will the 50% foreign ownership limit affect developers?

Foreign buyers account for 11% of all NSW home sales

Victorian government increases stamp duty for foreigners