In this blog/video we discuss the brand new law of stamp duty being ABOLISHED for eligible First Home Buyers in Queensland (QLD), from 01 January 2025!

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Hi everybody - George Sourris, Empire Legal.

Today's topic: Stamp duty ABOLISHED for First Home Buyers building a new home in Queensland, from 01 January 2025

Today I have a nice quick blog for you all. First Home Buyers are back in the spotlight. Shout out to the REIQ for providing today's information. Last Thursday, 12th of December, a Bill was introduced before Parliament, that will abolish Stamp Duty for new builds and land for eligible First Home Buyers, from the 1st of January 2025. 

Abolishing stamp duty on new builds for first home buyers is part of the LNP's "Securing Our Housing Foundation" plan for Queensland, aiming to make QLD the highest home ownership rate in the country by 2034.  You may not know, but at present, Queensland is the lowest in the country. So, in 10 years time, we're going to be at the top. That's the government's plan. 

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 home ownership rate sitting at 63.5%, the lowest of any state in the nation, this is a welcoming measure to help more people achieve the great Australian dream", Ms Beavon said. 

First home buyers 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 people in the year to June.  

Eliminating stamp duty for first home purchases of new builds eases upfront cost burdens. Coupled with the ability to rent out rooms with first homes (click here to read our blog on this), these are practical steps forward to remove financial hurdles and restraints. The initiative aligns closely with the REIQ's long standing call for measures to boost home ownership and address the housing supply constraints in Queensland.

However, Ms Beavon further said "the REIQ's vision is for broader reform, which would abolish Stamp Duty across all property transactions and gradually transition to a broad based land tax. Stamp Duty is one of the most significant barriers to home ownership for many Queenslanders".

"It imposes significant upfront cost 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.

Treasurer David Janetski said, "scrapping first home buyers stamp duty on new builds provides real savings and puts the great Australian dream back within reach".  At the moment, there is a concession for first home vacant land in Queensland, however it's capped at a land value of under $350,000, which allows a savings of $10,675.

However, I say to listeners, good luck finding land for $350,000 anywhere even remotely close to Brisbane,  hence the need to reform this dated concession. 

With these new laws, there would be significant additional savings, with some sources estimating savings of $25,000 - $35,000. That's a ton of money put back in first home buyers pockets, where they're looking to save every dollar possible.

Guys, you're probably wondering what the eligibility requirements are for these new laws for abolishing stamp duty for first home buyers. Well, that information has not yet been officially released, despite it being set to start in just a couple of weeks on the 1st of January 2025.

However, as always, as soon as the information is released, I will be sure to share.

We will of course keep you up to date with the latest in Queensland property. If you're buying or selling, it's pretty simple - pick Empire Legal. We want to help you. 

Only 6 days until Christmas guys! 

Enjoy these last few days of the working year.

Kick back.

Enjoy the holidays. 

Chat soon, and MERRY CHRISTMAS! 

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If you have any questions, you can email me: george@empirelegal.com.au. 

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Thanks for reading everybody. See you on the next one.

Ladies and gentlemen, please keep in mind that all advice is general in nature and does not constitute legal advice. This is authorised by George Sourris, Empire Legal, Brisbane, Queensland, Australia.

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Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.