SA Liberal Party wants to cut stamp duty on established homes worth up to $1m for first-time buyers

SA’s Liberal Party has a pre-election vote teaser – promising to cut stamp duty in one key area to save first-time buyers thousands of dollars.

Opposition leader Vincent Tarzia, and Shadow Minister for housing, Michelle Lensink aspiring homeowner Michael Graham, who is, currently living in a share house at Millswood. Picture: Dean Martin

SA’s first homebuyers will have stamp duty taxes scrapped on established houses or apartments up to $1m in value if the Liberal Party wins the next state election.

Opposition Leader Vincent Tarzia said the policy would make it easier for new homebuyers to live near their families or workplaces as currently only first homebuyers building a home could avoid paying the tax.

“Our policy means there will be no stamp duty for all first homebuyers including on new and existing homes, (first homeowners) may want to live close to their parents or their university or their employer, not everybody wants to live at Two Wells,” Mr Tarzia said.

He claimed the move could save a homebuyer more than $40,000 on an $850,000 property with the policy costed and full details to be released closer to the election.

Opposition leader Vincent Tarzia, and Liberal housing spokeswoman Michelle Lensink. Picture: Dean Martin

Mr Tarzia revealed the major new Liberal Party policy in the lead up to his 2025 Budget Reply in state parliament on Tuesday.

He believed it would help stop an exodus of young South Australians moving interstate where there were exemptions on stamp duty on existing homes.

“It allows people to be more mobile and be closer to either their work or where they study,” Mr Tarzia said.

“While Labor sits on a stamp duty windfall, young South Australians are being priced

out of their own city.”

Shadow Housing Minister Michelle Lensink said stamp duty revenue continued to rise above budget forecasts and was expected to add $1.8 billion to government coffers by 2028-2029.

“With record stamp duty pouring in and only expected to continue to increase, the government can afford this concession for first home buyers,” Ms Lensink said.

Millswood renter Michael Graham had been trying to save for a house deposit for the past five years but said it was an uneven playing field for those without a partner or without access to a “bank of Mum and Dad”.

As the IT professional, 30, continued to save around $10,000 a year for a deposit, he welcomed the chance to purchase a home in an established suburb with character homes and paying no stamp duty.

“I would be happy to live further out but there’s also a wait for a new house to be built and it’s hard to get in line for a builder now with such a long queue with demand,” Mr Graham said.

In his budget response on Tuesday, Mr Tarzia said he would raise concerns over hospital ambulance ramping figures.

He also said the latest policy on stamp duty built on others already announced by the Liberal Party including removing payroll tax for general practitioners in a bid to reduce doctor visit fees.

This was expected to help South Australians who struggled to pay rising GP visit costs and instead opted to attend busy hospital emergency departments for free consultations.

The Liberal Party’s other released policies included having the payroll tax threshold lifted from $1.5m to $2.1m and new home battery funding.

Originally published as SA Liberal Party wants to cut stamp duty on established homes worth up to $1m for first-time buyers