QUEENSLAND FIRST HOME BUYERS SCORE BIG WITH STAMP DUTY SCRAPPED ON NEW BUILDS
MAP: In a major win for aspiring homeowners, the Queensland Government has announced the complete removal of stamp duty for first-home buyers purchasing newly built properties. The landmark decision, effective from May 1st, is poised to significantly ease financial burdens and pave the way for thousands to achieve their property ownership goals.
New Government Policy Set to Turbocharge Home Ownership Dreams
The groundbreaking initiative, enshrined in the Revenue Legislation Amendment Bill, aims to alleviate cost-of-living pressures and provide crucial financial support to first-home buyers navigating the competition.
Queensland property market. It’s estimated that approximately 3,000 individuals will benefit from this transformative policy each year.
Tens of Thousands in Savings: Real Impact for Queensland Buyers
According to figures released by the Queensland Revenue Office, the stamp duty exemption will translate to substantial savings for buyers across the state:
Toowoomba: Up to $24,730 saved on new house and land packages.
Eastern Brisbane: Potential savings of around $29,500.
Logan-Beaudesert: Approximately $6,960 in savings.
Opportunity Knocks, But Challenges Remain
While the stamp duty waiver is expected to stimulate the Queensland property market and unlock opportunities for countless first-home buyers, industry experts have highlighted potential hurdles.
Antonia Mercorella, CEO of the Real Estate Institute of Queensland (REIQ), stated: “The impact of this policy hinges on the availability of new housing supply. The government must address construction bottlenecks to ensure the policy’s effectiveness. Furthermore, extending this exemption to buyers aged 55 and over would unlock further housing stock.”
Prime Time for Queensland Property Investment
With the introduction of the stamp duty exemption, it is now an opportune moment to invest in the Queensland property market. This policy not only empowers first-home buyers but also presents compelling opportunities for investors both domestically and internationally.
For comprehensive information on the Australian property buying process, please visit: https://myaustralianproperty.com/9-buoc-de-mua-bat-dong-san-uc/
Stay up-to-date with the latest Australian property market news by following My Australian Property.
Source: ABS. 2024. Queensland government passes new laws scrapping stamp duty for first home buyers purchasing new builds.
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