South Australia has abolished stamp duty for first home buyers on new properties, conceding that soaring house prices had sabotaged the effectiveness of an exemption introduced last year for homes worth up to $650,000.
Abolishing the impost, which rises to a maximum rate of 5.5 per cent for home values above $500,000, would help an additional 1200 first-time owners buy a new home over the next four years, Treasurer Stephen Mullighan said on Tuesday, ahead of Thursday’s state budget.
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Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com
