The Real Estate Institute of Queensland (REIQ) is welcoming a Bill before Parliament today that will abolish stamp duty on new builds and land for eligible first home buyers from 1 January 2025.
REIQ Acting CEO Kat Beavon said this was a positive step towards removing significant financial hurdles and helping thousands of first home buyers off the starting blocks in Queensland.
“With Queensland’s home ownership rate sitting at 63.5%, the lowest of any state in the nation, this is a welcome measure to help more people achieve the Great Australian Dream,” Ms Beavon said.
“First home buyers in Queensland in particular face additional challenges, including strong population growth which sits at a yearly growth rate of 2.3% above the nation’s 2.1%. Queensland’s population rose 125,800 in the year to June.
“Eliminating stamp duty for first home buyers purchasing new builds eases upfront cost burdens. Coupled with the ability to rent out rooms within the first homes, these are practical steps to remove financial hurdles and restraints.
“This initiative aligns closely with the REIQ’s long-standing call for measures to boost home ownership and address housing supply constraints.”
However, Ms Beavon said the REIQ’s vision is for broader reform which would abolish stamp duty across all property transactions and gradually transition it to a broad-based land tax.
“While this measure is a most welcome development, the REIQ has long advocated for wholesale stamp duty reform and we’d like to see this tackled,” Ms Beavon said.
“Stamp duty is one of the most significant barriers to home ownership for many Queenslanders.
“It imposes significant upfront costs on property transactions, thereby discouraging turnover of housing and delaying those trying to get a foot on the property ladder.
“Reforming it would increase market efficiency and improve housing access.
“With the Federal Housing Minister recently expressing support for phasing out stamp duty, Queensland has an opportunity to negotiate a better GST outcome and incentive fund with the Federal Government in return for stamp duty reform.”
ENDS
Media enquiries:
Claire Ryan, Media and Stakeholder Relations Manager, The Real Estate Institute of Queensland
M: 0417 623 723 E: media@reiq.com.au