What you said about Qld plan for stamp duty discount for first homebuyers

What exactly is the truth behind the plan for a stamp duty discount for first homebuyers remains subject to debate. HAVE YOUR SAY

Vote buying. Housing help. Playing politics.

What exactly is the truth behind Premier Steven Miles’ announcement that the stamp duty discount for first homebuyers would be boosted remains subject to debate.

In a move designed to help 10,000 Queenslanders a year into the property market, the government’s budget plan includes increasing the foreign investor land tax surcharge.

The move was immediately slammed by The Property Council as “a race to the bottom”, warning it would drive up house prices.

The centrepiece of Tuesday’s cash-splash, cost-of-living focused budget will be a major reset of the thresholds for stamp duty relief for first homeowners.

The threshold for the concession on transfer duty will lift from $500,000 to $700,000 making thousands of new buyers eligible for the saving. The concession will phase out up to values of $800,000.

The incentives will also apply to vacant land, with the threshold there increasing from $250,000 to $350,000. It will then phase out up to values of $500,000.

To offset the demand created by the changes, the government will increase the foreign investor land tax surcharge to three per cent – this remains lower than other states. The transfer duty surcharge for foreign buyers will lift to eight per cent – in line with NSW and Victoria.

Queensland Premier Steven Miles said the discounts would be a huge saver for young Queenslanders in particular.

But the Property Council’s Queensland division has slammed the plan.

Readers were also quick to weigh in, with more than 90 per cent voting the plan was “useless” in an online poll.

Some claimed it was merely a ploy to win the state election; others said it was too little too late.

Some readers, however, insisted it is a step in the right direction for those struggling amid a housing crisis.

See what you had to say below and join the conversation >>>

WHAT YOU SAID

That’s not fair!

Jennifer

50% of stamp duty for new homes & a first home buyers deposit for new homes. Discrimination. All home buyers should be entitled to the same offers. Can’t get a new home due to builders going broke but can buy a previously owned home & you don’t get a cent from the Government. Discrimination pure & simple.

F W

Years in government but just before an election … … Really????

Matthew

How about we ban foreign ownership of residential, agricultural and livestock properties. Stamp duty needs to be gone as well since we have the GST in place.

So you say

And this helps supply of new houses how …?

Vincent

So many announcements, so little money, absolutely no idea.

Jess Caire, Queensland Executive Director Property Council of Australia. Picture David Clark

Great move

Deirdre

I’m so pleased for my son and his wife who as first home buyers should now be able to afford to buy their first home and stop throwing their hard earned money on rent.

Ron

Stamp duty relief is good, but is just dancing around the edges.

Max

Will help first home buyers no amount of negativity on this biased forum will change that fact. Allowing the government needs to increase the tax on foreign investment.

Jill

For all the knockers, it’s strange that the LNP leader is accusing the government of stealing their ideas. One has to wonder.

Queensland Premier Steven Miles said the discounts would be a huge saver for young Queenslanders in particular. Picture: Richard Walker

Shocking call

The realist

Once again this government is trying to g to push the lie that all foreign. Investment is bad (along with all landlords are greedy, all mining companies are dangerous etc.etc.)

Rosie

Labor have run Qld into the ground. They have managed this state for the best part of the past 30 years. What a mess they have gotten us into and what a bigger mess they are going to leave behind.

Victoria

What a con, stamp duty was there to cover the cost of processing title transfers, now is just a government cash cow, that they wont let go of.

Matthew

What stupid idea, they are still citizens.

Originally published as What you said about Qld plan for stamp duty discount for first homebuyers