The Queensland government has announced a significant increase in the stamp duty threshold for first home buyers, who will save up to a maximum of $17,350 on their first property purchase.
Premier Steven Miles revealed this measure on Sunday, as part of Labor’s pre-election budget, which will be officially presented on Tuesday.
The threshold at which first home buyers begin paying stamp duty will be raised from $500,000 to $700,000, with partial concessions available for properties valued up to $800,000. This change is aimed at making homeownership more accessible for those facing affordability challenges.
In addition to homes, the new incentives will apply to vacant land purchases. The threshold for the first home vacant land concession will increase from $250,000 to $350,000, phasing out at $500,000.
The government plans to offset the revenue loss from these concessions by increasing the stamp duty and land tax rates for foreign investors. Specifically, the foreign investor land tax surcharge will rise to 3%, and the transfer duty surcharge for foreign buyers will be adjusted to 8%.
"I want young Queenslanders to have more opportunity than their parents including the opportunity to own their own place. I want that for my kids too," Premier Steven Miles said.
You can find more about the announced measure here: Queensland Revamps First Home Buyer Concessions
