- The Crisafulli Government’s new laws kick-in to abolish stamp duty on new homes for first home buyers and boost housing supply.
- First home buyers to save tens of thousands of dollars on new homes.
- Change helps deliver on commitment to lift Queensland home ownership rates which are currently the lowest in the nation.
The Crisafulli Government is unlocking the door to home ownership by abolishing stamp duty for eligible first home buyers purchasing or building a new home in Queensland.
The major cost of living relief measure comes into effect tomorrow (Thursday, May 1) and delivers on a key election pledge for a fresh start for Queensland to ease Labor’s Housing Crisis.
The move means Queenslanders with a dream of owning their own home will save tens of thousands of dollars in upfront fees, and get into the housing market sooner.
Across Queensland it will deliver an average saving of $9,906 for a house and land package at median price. In Brisbane North, that’s a saving of almost $39,500 for a house and land package at the median price, and a saving of more than $24,000 in Toowoomba.
Labor’s Housing Crisis left Queenslanders unable to find, keep or secure a roof over their head and thousands of young home buyers locked out of the market.
Queensland has the lowest rate of home ownership of any state in the nation at 63.5%, below Victoria at 68.3% and Tasmania at 70.1%.
In addition to abolishing stamp duty on new homes for first buyers, the Crisafulli Government is delivering a place to call home for more Queenslanders with a $2 billion investment in housing infrastructure and removing restrictions preventing first home buyers renting out rooms.
Premier David Crisafulli said the Government’s Securing our Housing Foundations Plan was delivering a place to call home for more Queenslanders.
“Stamp Duty has been stamped out to make way for more home ownership for more Queenslanders,” Premier Crisafulli said.
“Now we have abolished stamp duty, Queenslanders building their first home won’t pay a single cent in stamp duty.
“This is just one of the ways we’re delivering a place to call home for more Queenslanders, by also unlocking the land needed for new housing and kick-starting new housing developments with the infrastructure they need.
“Under the LNP, we will increase home ownership to the highest in the nation, restoring the great Australian dream of owning your own home.”
Treasurer and Minister for Home Ownership David Janetzki said stamp duty was disadvantaging Queenslanders and making them wait longer to own a home.
“For a decade Labor’s Housing Crisis shut Queenslanders out of the housing market,” Treasurer Janetzki said.
“Every Queenslander deserves a place to call home, and abolishing stamp duty is a critical step to help make that dream a reality.
“We’ve listened to Queenslanders and now they can feel at ease knowing the Great Australian Dream of home ownership is back within reach.
“This is a commonsense change that will provide real cost of living relief.
“These steps will help first time buyers and ease record low vacancy rates while also encouraging new builds and boosting housing supply.” More information on support for first home buyers is available on the Queensland Revenue Office website.
ENDS
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