"Queensland has introduced a significant tax reform by eliminating stamp duty for first-home buyers, aiming to make home ownership more accessible and stimulate the construction sector." - Alex Kenward, General Manager
The Sunshine State has made a big tax policy change to help first-home buyers get a foot on the property ladder.
Queensland Premier David Crisafulli, who took up the role after an upset election at the end of 2024, has axed a big tax for the state in an effort to help first-home buyers while also hoping to boost the construction of new homes.
Mr Crisafulli announced that the state would axe stamp duty for all first-home buyers purchasing new builds in the state.
The reform, which is set to be implemented from 1 May, 2025, is expected to save Queensland first-time buyers an average of $9,096 on a median-priced house-and-land package.
First-home buyers in Queensland are already eligible for a stamp duty waiver when purchasing a property under the value of $700,000, and a concessional rate for homes valued up to $800,000.
A vacant land concession has also been available in the state on residential lots valued up to $500,000 for eligible first home buyers.
Under the changes, first home buyers who enter into a contract to purchase a new home to live in or vacant land on which to build a home will be able to apply for a full transfer duty concession, reducing the duty to nil.
The move comes after the Queensland government said it would change the rules related to its stamp duty concession to allow first-home buyers to immediately sublet rooms in the home, as long as the purchaser also occupies the property.
Previously, the buyer was barred from renting out part of the property for a period of 12 months from taking occupancy.
Queensland treasurer and minister for home ownership David Janetzki said he expected these changes to impact “thousands of young people who want to enter the housing market”.
Moreover, Antonia Mercorella, CEO of the Real Estate Institute of Queensland, called the policy shifts “sensible” and commended the government for “[lowering] the upfront financial hurdles to home ownership".
Source: Realestate.com.au