Peak body lauds commitment
The Real Estate Institute of Queensland has lauded a commitment by the State Opposition to raise the stamp duty concession threshold.
REIQ has been actively advocating for an increase in the threshold to better align with current property prices. According to REIQ CEO Antonia Mercorella, the current stamp duty concession threshold of $500,000, set in 2008, no longer reflects the reality of the market.
“Considering the relative affordability of housing in Queensland compared to the southern states, it’s quite concerning that homeownership levels in the Sunshine State are the lowest in the country,” Mercorella said. “There is a generation of Queenslanders out there who are disillusioned with rising property prices and interest rates, and feeling like they’re not able to realise the dream of homeownership.”
Mercorella said stamp duty was a major stumbling block for many first-home buyers.
“Many Queenslanders have proven they are able to meet their weekly rental payments and are confident that they can make the required mortgage repayments, it’s just the initial obstacle of coming up with the deposit and stamp duty upfront that feels impossible to tackle,” she said.
REIQ said the State Opposition’s commitment to raise the stamp duty concession threshold was a positive step towards addressing the challenges faced by first home buyers.
“This commitment to raise the stamp duty concession threshold would help bring back confidence to first home buyers by reducing one of the initial financial obstacles standing in the way of them getting onto the property ladder,” Mercorella said.
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REIQ has called for the threshold to be lifted to at least $750,000, aiming to better reflect the current cost of entry-level properties. The institute believes that this increase would provide significant relief to first home buyers and help them overcome the financial barriers associated with purchasing their first property.
“While this is a promising announcement by the State Opposition, to give this commitment substance, we would like to see them name a number for the revised threshold,” Mercorella said.
She said REIQ would continue to advocate for comprehensive stamp duty reform, with the revision of the threshold serving as a starting point.
In related news, Western Australia recently announced a stamp duty concession for apartment purchasers.
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