Due to an increase in demand, Queensland Treasury predicts the move could deliver an additional 800 new homes and support thousands of Queenslanders to get into their first home, with first-home buyers able to save on upfront transaction costs.

Eligible first-home buyers will save $9,096 on a median-priced house-and-land package in Queensland. A first-home buyer purchasing a new house and land package in Toowoomba at the median price could save $24,730. First-home buyers would save $29,500 when purchasing a new build at the median price in Brisbane east, while in Logan-Beaudesert, they would save $6,960.

Queensland has the nation’s lowest rate of home ownership of any state. The Government recently unlocked church and charity-owned land for additional community housing and enabled first homeowners to rent out rooms without financial penalty.

Treasurer and Minister for Home Ownership, David Janetzki, said that thousands of young people will now be able to enter the housing market.

“Queenslanders are losing hope in the Great Australian Dream of home ownership and the situation has never been more dire for young people wanting to purchase their first home,” he said. “Never before have so many young Queenslanders wanted to own a home, and never before have so many believed it is out of reach.

“For too long this state has been at the bottom of the home ownership ladder, but we’re unlocking the door for more Queenslanders. Scrapping first home buyer stamp duty on new builds provides real savings and puts the Great Australian Dream back within reach.”

REIQ Chief Executive Officer, Antonia Mercorella, welcomed the new laws.

“This will save first-time buyers of new homes and land tens of thousands of dollars and lower the upfront financial hurdles to home ownership,” Ms Mercorella said. “Another sensible step backed by the REIQ is allowing first home buyers to rent out a room while keeping concessions – this not only supports home ownership but also helps address the need for rental supply.”

Council

First home boost