More Incentives For First Home Buyers To Enter Real Estate Market

The Bligh Government has made it easier for first-home buyers to enter the housing market by almost doubling the threshold for stamp duty on vacant land.

Treasurer Andrew Fraser said the move would save first-home buyers up to $5,675 on the purchase of vacant land, with transfer duty abolished for blocks of land worth up to $250,000.

Building on last years first homebuyers incentives, Mr Fraser said the transfer duty concession would be provided in addition to the grants available to first-home buyers. Those constructing new homes currently eligible for up to $21,000 in grants.

“This initiative will not only make vacant land more affordable for first-home buyers to build on, it will also stimulate the building industry, which is a vital part of the Queensland economy,” Mr Fraser said.

Mr Fraser said the lifting of the transfer duty-free threshold from $150,000 to $250,000 continued his commitment to make entering the housing market easier.

“For first-home buyers who purchase vacant land, the prospect of saving up to $5,675 on a $250,000 block is very real and very immediate.”

Transfer duty on first home vacant land purchases, from 1 July 2009

Land Value

Current

New

Savings

$150,000

..

..

..

$175,000

$1,050

..

$1,050

$200,000

$2,675

..

$2,675

$225,000

$4,050

..

$4,050

$250,000

$5,675

..

$5,675

$275,000

$7,150

$1,825

$5,325

$300,000

$8,925

$4,125

$4,800

 

 

Source: http://statements.cabinet.qld.gov.au/MMS/StatementDisplaySingle.aspx?id=64440

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