Following calls from the Real Estate Institute of Queensland (REIQ) for the first home buyer stamp duty concession threshold to be lifted to reflect current day prices, the peak body is commending today’s commitment from the State Opposition to do just that.
REIQ CEO Antonia Mercorella said the election commitment was a spark of hope for a generation of Queenslanders who were feeling home ownership was increasingly out of their reach.
“Considering the relative affordability of housing in Queensland compared to the southern states, it’s quite concerning that home ownership levels in the Sunshine State are the lowest in the country,” Ms Mercorella said.
“There is a generation of Queenslanders out there who are disillusioned with rising property prices and interest rates, and feeling like they’re not able to realise the dream of home ownership.
“Many Queenslanders have proven they are able to meet their weekly rental payments and are confident that they can make the required mortgage repayments, it’s just the initial obstacle of coming up with the deposit and stamp duty upfront that feels impossible to tackle.
“This commitment to raise the stamp duty concession threshold would help bring back confidence to first home buyers by reducing one of the initial financial obstacles standing in the way of them getting onto the property ladder.
“While this is a promising announcement by the State Opposition, to give this commitment substance, we would like to see them name a number for the revised threshold.”
As it currently stands, Queenslanders can buy their first home and pay no stamp duty provided the property is under $500,000. In early January, the REIQ called for this threshold to be increased for the first time since 2008 to at least $750,000.
Ultimately, the REIQ would like to see comprehensive stamp duty revision and reform.