Urban Taskforce CEO, Tom Forrest wrote in his media release “The further plan for a modest expansion in stamp duty reform announced by the Premier today expands the benefits of an annual payment rather than a massive slug of stamp duty up front – right when most first home buyers can least afford it.
The expansion of the scheme would mean that first home buyers will effectively have the option to stick with the stamp duty option on future property purchases. The changes would also effectively index the maximum price threshold under which the stamp duty option is available of $1.5 million, with a proposed annual increase of $50,000 per year.
The changes are not applicable to any first home buyer of a home valued at less than $600,000 as they do not pay any stamp duty under the current arrangements. But those who purchase a property and received this concession would be eligible for a stamp duty concession on any future property purchase.
Stamp duty concessions also apply to first homes valued between $600,000 and $800,000.”
Click here to read the media release in full
