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.
The initiative was announced as part of the 2009-10 State Budget, which was handed down in Parliament today by Mr Fraser.
In presenting the State Budget, the Treasurer outlined a record $18.2 billion building program for 2009-10.
The Budget also delivers on key election commitments and boosts vital frontline services like schools, hospitals, roads and police.
“In these tough times, the Bligh Government is committed to protecting and creating jobs,” Mr Fraser said.
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.”
Mr Fraser said he would also extend the phase out concession from $300,000 to $400,000.
Treasury estimates the measure will cost $6 million in 2009-10.
“Times are tough but this is a sound investment – it will get people building and help keep tradespeople in work,” he said.
|
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 |
Contact (Treasurer’s office): 3224 6361 or 3224 5982
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