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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cWith Queensland\u2019s 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,\u201d Ms Beavon said.<\/p>\n\n\n\n
\u201cFirst 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\u2019s 2.1%. Queensland\u2019s population rose 125,800 in the year to June.<\/p>\n\n\n\n
\u201cEliminating 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.<\/p>\n\n\n\n
\u201cThis initiative aligns closely with the REIQ\u2019s long-standing call for measures to boost home ownership and address housing supply constraints.\u201d<\/p>\n\n\n\n
However, Ms Beavon said the REIQ\u2019s vision is for broader reform which would abolish stamp duty across all property transactions and gradually transition it to a broad-based land tax.<\/p>\n\n\n\n
\u201cWhile this measure is a most welcome development, the REIQ has long advocated for wholesale stamp duty reform and we\u2019d like to see this tackled,\u201d Ms Beavon said.<\/p>\n\n\n\n
\u201cStamp duty is one of the most significant barriers to home ownership for many Queenslanders.<\/p>\n\n\n\n
\u201cIt imposes significant upfront costs on property transactions, thereby discouraging turnover of housing and delaying those trying to get a foot on the property ladder.<\/p>\n\n\n\n
\u201cReforming it would increase market efficiency and improve housing access.<\/p>\n\n\n\n
\u201cWith 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.\u201d<\/p>\n\n\n\n
ENDS<\/strong><\/p>\n\n\n\n <\/strong>Media enquiries: 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. \u201cWith Queensland\u2019s 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,\u201d Ms Beavon said. \u201cFirst home buyers in Queensland in particular face additional challenges,Read More →<\/a><\/p>\n","protected":false},"author":1287,"featured_media":4672,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mbp_gutenberg_autopost":false},"categories":[53],"tags":[],"_links":{"self":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/4671"}],"collection":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/users\/1287"}],"replies":[{"embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/comments?post=4671"}],"version-history":[{"count":1,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/4671\/revisions"}],"predecessor-version":[{"id":4673,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/4671\/revisions\/4673"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/media\/4672"}],"wp:attachment":[{"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/media?parent=4671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/categories?post=4671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/tags?post=4671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/strong>Claire Ryan, Media and Stakeholder Relations Manager, The Real Estate Institute of Queensland
M: 0417 623 723 E: media@reiq.com.au<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"