Stamp Duty Concession from Jan 1 2025

As part of the Queensland Government’s 'Securing Our Housing Foundations Plan'; the state government has introduced legislation to Parliament scrapping stamp duty for first homebuyers buying or building a new home, regardless of the cost. The plan aims to see Queensland with Australia's highest homeownership rate by 2034.REIQ acting CEO, Kat Beavon, said "this was a positive step towards removing significant financial hurdles and helping thousands of first home buyers off the starting blocks in Queensland"."With Queensland home ownership rate sitting at 63.5%, the lowest of any state in the nation, this is a welcoming measure to help more people achieve the great Australian dream", Ms Beavon said.However, the change may not scoop up too many additional beneficiaries. Queensland already waives stamp duty for first homeowners buying a property for less than $700,000 and grants concessions for those buying homes valued up to $800,000. At the same time, the duty-free threshold for vacant land will be increased to $350,000 from $250,000 with the concession phasing out on land values up to $500,000.