June 11, 2024

Stamp Duty Savings For First Home Buyers In Queensland

The Queensland government on Sunday announced an increase to the first home owner stamp duty concession threshold.

The threshold has increased to $700,000, a significant increase from the previous threshold of $500,000, with some concessions still applying for eligible first home buyers up to the value of $800,000.

For vacant land purchases, the threshold has increased to $350,000 from $250,0000, with some concessions still applying up to a land value of $500,000.

This change will apply to contracts signed on 9 June onwards.

Changes To Ease Cost Of Living Amid Increased House Prices

The Premier in his statement made it clear that the changes are squarely aimed at assisting Queenslanders with the increasing cost of living;

“This is a real cost of living measure, that will also help deliver inter-generational prosperity.

The concessions will put the dream of owning a first home within reach of more Queenslanders.”

The increased first home stamp duty concession threshold comes on the heels of CoreLogic’s announcement last week that Brisbane has overtaken Canberra and Melbourne and the second most expensive city in Australia.

The government has also recently doubled the First Home Owner Grant from $15,000 to $30,000 in late 2023.

The changes are to be funded out of an increase to the foreign buyers transfer duty surcharge (Additional Foreign Acquirer Duty or AFAD) to 8%, and an increase of the foreign investor land tax surcharge to 3%.

For more information about transfer duty concessions in Queensland, check out our article here.

More Questions?

With eight offices throughout sunshine state, Keylaw’s expert team can help you buy or sell property in Queensland no matter where you are. Check out our prices, or have a personalised quote emailed to you.

If you have more questions about stamp duty concessions, or any other aspect of conveyancing law, contact us today!

The above is not legal advice and is general information only.