The state government has introduced legislation to Parliament scrapping stamp duty for first homebuyers buying or building a new home, regardless of the cost.
However, the change may not scoop up too many additional beneficiaries.
Queensland already waives stamp duty for first homeowners buying a property for less than $700,000 and grants concessions for those buying homes valued up to $800,000.
The former Queensland Labor government lifted the stamp duty-free threshold for first homebuyers from $500,000 to $700,000 for homes and from $250,000 to $350,000 for vacant land purchases in June.
It was the first time the thresholds had been shifted in around a decade, with the then-government estimating the changes would support around 10,000 more buyers in purchasing their first homes each year.
Another change to homeowner rules
The latest announcement follows a move last week to allow new homeowners to rent out a room without losing first homeowner grants and concessions.
Under previous regulations, homeowners who had received stamp duty concessions and other government grants were not permitted to sublet any part of their property during their first year of ownership.
Queensland treasurer David Janetski said the government is focused on boosting housing supply to help increase Queensland’s home ownership rates which, he said, are the lowest of any state.
“Scrapping first home buyer stamp duty on new builds provides real savings and puts the Great Australian Dream back within reach,” he said.
Queensland’s home values have skyrocketed in recent times, with Brisbane’s five-year growth rate the highest of any Australian capital city at 71.2%, according to CoreLogic data.
Home loans provided to first home buyers currently account for 27% of total owner-occupier housing finance in Queensland – the lowest of any state or territory.
As per ABS calculations, housing loans are those taken out to fund dwellings, the purchase of residential land, and alterations and additions.
The Queensland Government’s 'Securing Our Housing Foundations Plan' aims to see Queensland with Australia's highest homeownership rate by 2034.
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