In a significant move to reduce up-front housing costs, the Queensland government has passed new laws eliminating stamp duty for certain first home buyers purchasing new builds.
The Revenue Legislation Amendment Bill, a key commitment of the government’s plan for a “fresh start for Queensland,” aims to provide substantial cost-of-living relief. Officials estimate that approximately 3,000 first home buyers will benefit from the changes each year.
“While homeownership may not be everyone’s goal, our government is committed to making it more attainable for those who aspire to it,” said Treasurer David Janetzki.
What’s Changing?
Starting May 1, first home buyers purchasing newly built properties will no longer be required to pay stamp duty. This tax, also known as transfer duty, has been a major financial barrier to homeownership, as highlighted in government consultations.
Jackson Hills, Acting Chief Executive of QShelter, emphasized that high up-front costs like stamp duty have long disadvantaged aspiring first-time buyers. Additionally, the new laws will permit first home buyers to rent out a room within their first year of ownership.
How Much Could You Save?
The savings from the stamp duty exemption will vary by location:
- Toowoomba: Buyers of a new house and land package at the median price could save $24,730.
- Brisbane’s East: Savings could reach $29,500 on a median-priced new build.
- Logan-Beaudesert: Buyers could save $6,960.
Last year, Queensland raised the first home buyer concession threshold for stamp duty to $700,000, ensuring that properties below this value remain exempt. Many regional areas, including Cairns, Townsville, and Toowoomba, have median property prices within this range.
These reforms mark a significant step toward making homeownership more accessible for Queenslanders, particularly those entering the market for the first time.
