In a strategic move aimed at winning over voters, the Queensland government has unveiled significant changes to transfer costs for first home buyers. This new policy, announced recently, seeks to alleviate the burden on first-time buyers grappling with skyrocketing property prices. Aspiring homeowners in Queensland stand to benefit from increased concession thresholds, making homeownership more attainable than ever before.

Under the revised policy, first home buyers will now receive concessions on transfer duties for properties valued up to $700,000, a substantial increase from the previous threshold of $500,000. Moreover, the concession threshold for vacant land will rise to $350,000, up from $250,000. These adjustments are strategically designed to make the dream of homeownership a reality for more Queensland residents.

The financial impact of these changes cannot be overstated. Eligible home buyers could save up to $17,000, depending on the value of the property or land. Premier Steven Miles underscored the broader implications of this initiative, highlighting its role in delivering inter-generational prosperity. “This is a real cost of living measure,” he emphasized, “that will also help deliver inter-generational prosperity.”

Unsurprisingly, the announcement has ignited political discourse, with the opposition party viewing it as a calculated move ahead of the impending election. Shadow treasurer David Janetzki labelled the initiative a “major win” for the Liberal National Party (LNP), accusing Premier Miles of opportunistically adopting a policy similar to one previously proposed by the LNP.

This policy shift comes amidst a backdrop of escalating property prices in Queensland. Brisbane, now the second most expensive state capital after Sydney, has witnessed a steady rise in housing costs. Data from the Australian Bureau of Statistics reveals that the mean price for a residential dwelling in Queensland reached $828,000 in December 2023, surpassing the government’s concession phase-out point for residential properties.

In order to finance these new concessions, the government intends to increase the foreign investor land tax surcharge to 3 percent. This measure seeks to strike a balance between supporting local first home buyers and managing the budget effectively.

As the state gears up for the October election, this policy change is poised to be a central talking point for both the government and opposition parties. However, amidst the political manoeuvring, one thing remains clear: for many aspiring homeowners in Queensland, this announcement offers a glimmer of hope.

For readers keen on leveraging these opportunities to own a home sooner, partnering with SW Brokerage finance brokers can provide invaluable guidance and support. SW Brokerage specializes in navigating the complexities of the housing market, offering tailored financial solutions to suit individual needs. By tapping into their expertise, aspiring homeowners can navigate the path to homeownership with confidence and ease.

Whether you’re a first-time buyer or a seasoned investor, the current landscape presents unique opportunities. With the right support and guidance from SW Brokerage finance brokers, owning a home in Queensland has never been more within reach. Take the first step towards realizing your homeownership dreams today

Speak to us today to find out more – We can also help you build our relationship with Bold Living allows us to help you speak with them about building your new home sooner