The Queensland government plans to increase the stamp duty threshold for first-time homebuyers, which is expected to save about 10,000 first-time buyers up to $17,000 each year. Premier Steven Miles announced the move on social media on Sunday, saying: "By raising the eligibility threshold, we are giving aspiring homeowners a fairer chance."<\/p>\n\n\n\n
The changes, estimated to cost A$350 million over four years and part of Labor's pre-election budget, will be gazetted on Tuesday. The government will increase the threshold for first-time homebuyers to pay stamp duty from A$500,000 to A$700,000, with discounts for properties up to A$800,000. Queensland will offset lost revenue and address rising house prices by increasing both the foreign investor stamp duty and land tax rates by 1% each, though the new rates will remain lower than those in New South Wales and Victoria.<\/p>\n\n\n\n
Amid growing calls from some housing experts and economists for stamp duty to be abolished entirely, the first-home buyer threshold, which has remained unchanged since 2012, has fallen far behind the state's median house price. This is particularly true in Brisbane, which last week became the nation's second-most expensive capital city, with a median house price exceeding A$937,000 and units exceeding A$615,000. The opposition has accused Labor of failing to implement changes since taking office in 2015, calling it a "stealth tax." The Liberal National Party (LNP) has promised to unveil its own proposed changes to the threshold in its budget response on Thursday.<\/p>\n\n\n\n
"The fact is, helping Queenslanders get into their first home is the best cost of living measure we can do," Miles told reporters on Sunday. Deputy Premier and Treasurer Cameron Dick said the changes would mean first-home buyers would be exempt from stamp duty on properties up to the median price of \u00a3851 in Brisbane, compared to just \u00a3771 in Melbourne and \u00a3701 in Sydney.<\/p>\n\n\n\n
In response to criticism from the real estate industry about increased taxes on foreign property owners, Mr Miles said: "These foreigners are bidding up properties in our state and competing with first-home buyers."<\/p>\n\n\n\n
Property Council of Queensland executive director Jess Caire criticised the lack of consultation and said raising the foreign owner tax would "depress the apartment market", leading to fewer new properties and higher prices.<\/p>\n\n\n\n
Hal Pawson, professor of housing research and policy at the University of New South Wales, said while stamp duty cuts were popular with the public and helped some people, they could ultimately lead to new highs in house prices.<\/p>\n\n\n\n
Real Estate Institute of Queensland (REIQ) chief executive Antonia Mercorella welcomed the stamp duty changes but called for the threshold to be raised and extended to those who haven't owned a property for more than five years. She also suggested first-home buyers should be allowed to rent out rooms within their properties.<\/p>","protected":false},"excerpt":{"rendered":"
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