QLD government raises stamp duty threshold for first home buyers

ABC NEWS (Australia)

The Queensland government has raised the stamp duty threshold for first home buyers, in its latest cost of living relief measure. The opposition say it's been calling for the change for months, accusing Labor of losing credibility.

Transcript

00:00It's another pre-budget sweetener.

00:05On its street, the government probably wishes every press conference could be held.

00:09The best thing we can do for a Queenslander's cost of living for their lifetime is help

00:15get them into their first home.

00:17The stamp duty threshold will be lifted to $700,000 from $500,000 for first home buyers

00:24and the vacant land threshold raised to $350,000 from $250,000.

00:29We anticipate this reform will help 10,000 new first home owners each and every year.

00:37Places like Greater Brisbane or certain parts of the South East Corner, we know that median

00:43property prices are quite high and so the $700,000 is still a little bit modest but

00:48a great starting point.

00:50Stamp duty costs tens of thousands of dollars and is often a significant hurdle for many

00:56prospective home buyers.

00:58The opposition quick to point out it proposed a similar measure in January.

01:02How many young Queenslanders have been locked out of their first home while the government

01:06spent all this time trashing our policy idea?

01:09The government will cover the cost of the policy by increasing the foreign investor

01:14land tax surcharge to 3%.

01:17The relief today was largely welcomed.

01:19Anything to help people get into houses sooner.

01:22Gives young people more of a chance to get in the market without having to go to the

01:27bank of mum and dad.

01:28Positive for everyone all the way around if there's more houses being built.

01:31Who first proposed raising the stamp duty threshold won't matter to Queenslanders desperately

01:37trying to buy their first home.

01:39The political debate demonstrates the two parties are acutely aware of how much the

01:44housing crisis is weighing on voters' minds.

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