Qld Government abolishes stamp duty for first homeowners

The premier has announced a ‘game changer’ for those dreaming of one day buying or building their own homes during a visit to Central Qld.

JGK Builders owner John Kay discusses the housing situation in the Central Queensland region.

The premier has announced a ‘game changer’ for those dreaming of one day buying or building their own homes, while visiting the Capricorn Coast.

First homeowners in Queensland will no longer need to pay stamp duty on new properties as of May 1.

JGK Builders owner John Kay has described it as a positive step for both first home buyers as well as the Central Queensland region.

“I think it’s great to have more new home ownership,” Mr Kay said.

“It’s great for young people to buy their own house.”

Mr Kay, who has been building homes in the Rockhampton, Gracemere and Yeppoon area for the past 14 years, said there had been decrease in demand for houses since Covid-19.

Premier David Crisafulli, flanked by Treasurer and Home Ownership Minister David Janetzki and Keppel MP Nigel Hutton on a Yeppoon building site, described it as a “game changer” for both first home ownership as well as for the housing market.

Queensland Premier David Crisafulli and JGK Builders owner John Kay discuss the abolishment of stamp duty in Yeppoon alongside Keppel MP Nigel Hutton and Treasurer and Minister for Home Ownership Minister David Janetzki.

“This announcement is about unlocking the keys to home ownership,” Mr Crisafulli said.

“(Stamp duty) can be the difference to being able to afford to buy that home in the first place.

“You’re dealing with tens of thousands of dollars in savings.”

Mr Crisafulli said it might prompt banks to provide loans to those they otherwise wouldn’t.

“It’s the difference between getting your toe-hold into the market or being stuck on that rental roundabout again.”

Mr Crisafulli said there were no terms on the price of the home.

“We are going to continue to see property prices over the years increase,” he said.

“And by doing this (not have limitations) we don’t set an artificial level and it enables people to say ‘I can go buy my first new home and I know the government isn’t going to reach out its hand into my pocket and take 20k out of it’.”

“We want the ability for a first homebuyer to be able to be incentivised to go and buy a new home and the reason why is it means there is an extra property in the market and that helps someone rent as well.”

Restrictions preventing first home buyers renting out rooms will also be removed.

“If we can get more homes, we unlock the opportunity for somebody to buy a home but we also help somebody to be able to afford the rent of the home that they are in,” Mr Crisafulli said.

JGK Builders owner John Kay shows Queensland Premier David Crisafulli, Keppel MP Nigel Hutton and Treasurer David Janetzki through one of his businesses new housing project.

“At the moment in Queensland we’ve got people stuck on the rental roundabout, we’ve got Queenslanders who no longer believe they can dream of owning a home and we’ve got working Queenslanders who are being pushed out the door.

“Home ownership is something that gives people aspiration and opportunity.

“I want that for every Queenslander no matter where they live… and I also want to ensure people who are renting can afford to do so.”