Real Estate
25 June, 2024
REIQ backs housing scheme
THE Real Estate Institute of Queensland (REIQ) is backing the State Opposition’s plan to boost Queensland’s lagging home ownership levels.
First homebuyers who build their property would not pay any stamp duty and struggling savers will be given government equity to buy a home under a major housing policy unveiled by Opposition Leader David Crisafulli.
The abolition of stamp duty would save a first homebuyer $24,100 on a house and land package worth $850,000.
The LNP will commit to keeping the Miles government’s updated stamp duty concession threshold of $700,000 for first home buyers purchasing existing properties.
Mr Crisafulli also unveiled a $165m shared-equity scheme – where the government would help people with savings of at least two per cent to “close the deposit gap” and buy a home.
REIQ chief executive officer Antonia Mercorella said the multifaceted housing plan put forward by the LNP in its first major policy move demonstrated a strong focus on increasing housing supply and assisting aspiring homeowners.
“The REIQ commends this suite of initiatives focused on a much-needed boost to home ownership levels in Queensland,” she said.
“We welcome the move to stamp out stamp duty for first home buyers of new builds. This is a promising first step towards the REIQ’s long-held vision of seeing stamp duty abolished across all property transactions.
“While it’s welcome news that the LNP will match the raised $700,000 first home buyer stamp duty concession threshold, we want to see this threshold amount varied to reflect median house prices in different markets.
“Removing the restrictions on renting out unutilised rooms for first home buyers receiving concessions is a firmly held position of ours and a no-brainer benefiting both buyers and renters.
“Introducing a state-level shared equity scheme to support 1000 people with as little as two per cent savings, aligns with what the REIQ asked for at the recent Help to Buy Parliamentary Committee hearing. This will help some renters clear the hurdle of having to come up with a hefty 20 per cent deposit and could knock years off home buying timelines.”
