Published February 27, 2025
QLD LNP Government Eliminates First Home Buyer Tax
In a significant move to alleviate the financial burdens on Queensland residents, Premier David Crisafulli has announced the abolition of stamp duty for first home buyers on all new builds. This initiative is set to make home ownership more attainable for many Queenslanders, reducing upfront costs and stimulating the housing market.
The move will pave the way for thousands of first home buyers to save on upfront transaction costs, unlocking home ownership for more Queenslanders while also boosting housing supply across the State.
After a decade of Labor, Queenslanders were locked out of the housing market with the state recording the lowest rate of home ownership of any state in the nation.
Abolishing stamp duty on new homes for first home buyers is just one of the actions the Crisafulli Government is taking to boost home ownership, including unlocking underused church and charity owned land for community housing, removing restrictions preventing first home buyers renting out rooms and kickstarting new development with a $2 billion investment in housing infrastructure.
A first home buyer purchasing a new house and land package in Toowoomba at the median price could save $24,730.
First-home buyers would save $29,500 when purchasing a new build at the median price in Brisbane east, while in Logan-Beaudesert, they would have keep $6960 in their pocket.
Premier David Crisafulli said every Queenslander should have a place to call home.
“We are unlocking more homes for more Queenslanders, more quickly,” Premier Crisafulli said.
These decisive actions reflect the government’s dedication to honouring its promises and addressing the immediate needs of Queenslanders. By removing these financial obstacles, the Crisafulli Government is paving the way for a more prosperous and healthier future for the state.
For more detailed information, please refer to the official statements:
A Fresh Start for Queensland: abolishing stamp duty top of the agenda
With this government update, many buyers and investors may be considering their next steps. For those looking for guidance on property investment or financing options, speaking to an experienced investment professional can provide valuable insights.
Contact Michael Shekell, Wealth and Investment Director at Ray White One Group today and start building your wealth through smart real estate investments.
0497 855 498 | wealth1.onegroup@raywhite.coms | https://raywhiteonegroup.com.au/wealth-invest/
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