Queensland Premier David Crisafulli has announced a major move to help first-home buyers and stimulate the state’s housing market by axing stamp duty on new builds.
Experts believe that this reform, effective from May 1, 2025, will see first-time buyers save an average of $9,096 on a median-priced house-and-land package.
Currently, Queensland first-home buyers already enjoy some stamp duty relief, with a waiver on properties valued under $700,000 and a concessional rate for homes up to $800,000. Additionally, a vacant land concession exists for eligible buyers. Under the new rules, however, buyers will no longer face any transfer duty when purchasing a new home or vacant land to build one.
Modelling from the state suggests the reform could deliver around 800 new homes by driving increased demand in the sector. It’s estimated that approximately 3,000 first-home buyers will benefit each year.
“The government wants to make homeownership more achievable for Queenslanders who aspire to own their own property,” said Treasurer David Janetzki.
The Revenue Legislation Amendment Bill, which aims to provide “major cost-of-living relief,” passed the state parliament with support from various housing advocates. In a bid to ease the transition into homeownership, the new laws will also allow first-home buyers to rent out part of their property in the first 12 months, a significant change from previous rules that barred renting out rooms during that period.
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