Home » Greater Springfield region poised for more growth with new first home buyer incentives

Greater Springfield region poised for more growth with new first home buyer incentives

Guy Hazlewood    July 10, 2024    2 min read   

The Queensland Government has announced an increase in the threshold for the first homeowner concession on transfer duty from $500,000 to $700,000. 

This adjustment aims to alleviate the financial burden on those entering the housing market and is expected to assist approximately 10,000 first-home buyers annually.

Source: RDNE Stock project/Pexels

The revised concessions will also extend to vacant land, with the threshold rising from $250,000 to $350,000. 

These changes are set to benefit buyers in regions like the Greater Springfield and Ipswich areas, where affordability challenges are prominent.

Premier Steven Miles emphasised the government’s commitment to making homeownership more attainable for Queenslanders. 

“By increasing the eligibility threshold, we are giving aspiring homeowners a fairer go,” he said. 

“This is a real cost of living measure that will also help deliver inter-generational prosperity.”

Data reveals that many units and houses across Queensland, including the Greater Springfield region, remain within the new threshold, providing more opportunities for first-time buyers. 

In the past four years alone, $216 million in transfer concessions have supported 17,660 first-homebuyer transactions in Brisbane.

To balance the increased purchasing power for local first home buyers, the government will implement a 3% foreign investor land tax surcharge, aligning Queensland’s surcharge with other major states like New South Wales and Victoria. 

Additionally, the transfer duty surcharge for foreign buyers will be set at 8%, mirroring the rates in these states.

Deputy Premier and Treasurer Cameron Dick highlighted the importance of these measures amidst rising house prices. 

“This decision will make it easier for Queenslanders to buy their first home as house prices continue to rise,” he said. 

“Foreign investors compete with Queensland families for real estate, so it’s only fair they contribute to helping more young Queenslanders into their first home.”

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Guy Hazlewood