Earlier this month in Parliament, the Crisafulli Government announced a major initiative to help first home buyers – abolishing stamp duty on new builds.
This reform, part of the Revenue Legislation Amendment Bill 2024, aims to provide cost relief and increase homeownership opportunities for Queenslanders.
Premier David Crisafulli said every Queenslander should have a place to call home.
“We are unlocking more homes for more Queenslanders, more quickly,” Mr Crisafulli said.
“For far too long, stalling housing approvals and skyrocketing housing prices have shut the door on Queenslanders walking into their own home. For the past decade, the dream of home ownership has become a nightmare for Queenslanders.”
In addition to abolishing stamp duty, the Government is also unlocking underused church and charity-owned land for community housing, removing restrictions preventing first home buyers from renting out rooms, and kickstarting new development with a $2 billion investment in housing infrastructure.
Treasurer and Minister for Home Ownership David Janetzki said the LNP is committed to putting Queensland back on top of the home ownership ladder within a decade.
“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.
Queensland residents have had mixed reactions to the news. While many see it as a step towards making homeownership more affordable, there are significant concerns about its impact.
A key concern among some residents is the strain on local infrastructure. With the addition of more homes, the already congested roads are expected to face even greater pressure. Many are asking what plans are in place to improve roads and public transport to keep up with the anticipated growth.
Additionally, some are questioning how much land is even available in the Bayside area, and there are growing questions about whether the policy will truly benefit the region.
There is also concern that without incentives, older homeowners may not be motivated to downsize.
While the stamp duty change is a positive step, residents want to see a more balanced approach that includes infrastructure improvements and options for both new and established homes.
