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The Crisafulli government recently announced it would be eliminating stamp duty on new builds across the Sunshine State.
These reforms come into effect from 1 May 2025. The Queensland Treasury believes this move will deliver 800 additional new homes and make way for thousands of Queenslanders to get into their first home.
In a statement from Treasurer, Minister for Energy, and Minister for Home Ownership, David Janetzki, eligible first home buyers will save $9,096 on a median-priced house-and-land package.
“Thousands of young people who want to enter the housing market will save because of these initiatives,” said Janetzki.
“For too long this State has been at the bottom of the home ownership ladder, but we’re unlocking the door for more Queenslanders.”
For example, the median property price in Brisbane is $893,592. This legislation would save $26,062 in stamp duty, according to the Queensland Revenue Office.
Back in June last year, the Queensland government increased the home owner concession threshold on stamp duty from $500,000 to $700,000, meaning there is no tax to be paid on properties below this value.
However, there are criticisms from the opposition that these changes will benefit the wealthier cohort of home buyers, while disadvantaging the rest.
Shadow treasurer Shannon Fentiman said: “Someone buying a $2 million property would receive nearly six times as much in first home tax support as a first home buyer purchasing a median property in Bundaberg.”
Despite this, REIQ CEO Antonia Mercorella commended the reforms, saying it will support home ownership across Queensland.
“This will save first time buyers of new homes and land tens of thousands of dollars and lower the upfront financial hurdles to home ownership,” she said.
Furthermore, the state government has introduced changes that will allow first home owners to rent out rooms without financial penalty.
The law used to enforce a 12-month ban on additional occupancies after purchasing a property.
“Another sensible step backed by the REIQ is allowing first home buyers to rent out a room while keeping concessions – this not only supports home ownership but also helps address the need for rental supply,” said Mercorella.
There are hopes that the reforms will be the push older residents need to downsize and free up space in larger homes.
"Offering a stamp duty exemption will remove the financial barrier for those older Australians who are minded to downsize, leading to a greater supply of larger homes within the housing market and generational changes for houses and neighbourhoods," Mercorella said.
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