Finance minister Roger Jaensch announces 1700 first homebuyers with stamp duty waived

Josh Thomson is one of 1700 Tasmanians who took advantage of a government housing scheme. How it helped him save $11,000.

Josh Thomson, 24, one of 1700 used stamp duty exemption to buy his first home. Picture: Alison Foletta

At 24, Josh Thomson is now in his own home, he was one of 1700 who accessed the Tasmanian Government Stamping Out Stamp Duty policy.

Mr Thomson, who works as a builder, was able to save while living with his parents but spent a year trying to get a house.

Finance minister Roger Jaensch said in less than a year since announcing the policy 1700 Tasmanians have taken advantage of the exemption, saving on average $18,500.

“This is a significant initiative for us,” Mr Jaensch said.

“We are aiming to make sure that as many Tasmanians as possible can realise the dream of owning their first home.”

The policy will continue in 2026 when the government reviews market conditions.

The maximum savings from the waiver is $29,000, and the average savings has been around $18,400.

Finance minister Roger Jaensch announces stamp duty savings for first home buyers. Picture: Alison Foletta

The cost of stamp duty exemption was the equivalent to $11 million a year in “foregone revenue”, Mr Jaensch said.

Other measures helping people buy homes includes the $10,000 first homeowner grant.

Mr Thomson said he saved around $11,000 which he has put back into the house with renovations.

The Newstead house sold for $550,000, Mr Thomson has been living and renovating the house since May 2024 but it took him a year to find a suitable home.

Mr Thomson said the stamp duty exemption was “huge”.

“Everything is pretty expensive at the moment, single income as well makes it a bit tough,” he said.

“It took a few years to save.”

At 24, Mr Thomson said more of his friends are looking to buy their first homes.

“Everyone’s getting to that stage,” he said.

Tasmania’s housing supply

In 2024, it was reported the median house price in Tasmania was $645,000 in Hobart.

Locations like Launceston, the median cost for a house ranges from $545,000 to $914,000 in East Launceston.

Tasmanians reportedly need an annual income of at least $132,000 for a house deposit in most locations.

In December 2024, the Australian Bureau of Statistics reported the weekly median income for Tasmanians was around $1200 a week or $67,000 annually.

Harcourts Launceston real estate agent Bibby Davidson said first home buyers have increased since the policy came in last year.

“It allows first time buyers to pay a little bit more than they would have previously, and for some cases, be able to enter the market,” he said.

Mr Davidson said there was more confidence in the market heading into 2025.

“With talks of interest rates coming down, that’s giving the market a lot of support,” he said.

“We’re seeing a lot of demand.”

However there are still challenges around affordability.

First homeowner Josh Thomson and Harcourts real estate agent Bibby Davidson welcome stamp duty relief. Picture: Alison Foletta

“House prices are on the rise,” Mr Davidson.

“Affordability is at an all time low – the main challenge is getting into the market which is why something like this [stamp duty exemption] is so crucial.”

Labor minister Anita Dow said it was “great news” for those 1700 new homeowners.

“The fact remains when it comes to housing, this government has a very poor record of delivery,” she said.

Ms Dow said the government hasn’t delivered on their fast tracking planning policy – which she said was a “fundamental issue” with housing.

Originally published as Finance minister Roger Jaensch announces 1700 first homebuyers with stamp duty waived