The Crisafulli Government will make good on a key election promise when Parliament returns next month, introducing legislation to scrap stamp duty on new homes for first home buyers.
The Revenue Legislation Amendment Bill 2024 will be the first item of business, aimed at delivering cost-of-living relief and boosting home ownership in Queensland, which currently has the lowest rate of any Australian state.
Premier David Crisafulli said the policy would ease a major upfront barrier for first-time buyers and support the government’s broader housing agenda.
“We are unlocking more homes for more Queenslanders, more quickly,” Mr Crisafulli said. “For far too long, red tape and rising prices have shut people out of the market.”
The proposed changes would deliver significant savings, with first-home buyers saving up to $29,500 on a new build in Brisbane East, $24,730 in Toowoomba, and $6960 in Logan-Beaudesert, based on median prices.
The initiative forms part of the government’s broader strategy to address Queensland’s housing crisis, including unlocking underutilised church and charity land for housing, removing restrictions on first home buyers renting out rooms, and a $2 billion fund to accelerate infrastructure for new developments.
Treasurer and Minister for Home Ownership David Janetzki said the measure was about restoring faith in the housing market for younger Queenslanders.
“Queenslanders are losing hope in the Great Australian Dream of home ownership,” Mr Janetzki said. “This change puts that dream back within reach.”
The government has set an ambitious target to lift home ownership rates and deliver one million new homes over the next 20 years.
Stamp duty remains one of the largest upfront costs for buyers and has long been criticised by economists as an inefficient tax that distorts the housing market.
