LAST Sunday morning, Queensland Premier Steven Miles took to social media to unveil a significant policy change aimed at providing relief to first home buyers.
Effective immediately, the State Government has raised the stamp duty threshold for first home buyers from $500,000 to $700,000, with concessions phasing out up to $800,000.
Premier Miles commented: “We also recently doubled the First Home Owner Grant from $15,000 to $30,000.”
In his announcement, Mr Miles highlighted the Government’s commitment to making homeownership more accessible to aspiring buyers.
“By increasing the eligibility threshold, we are giving aspiring homeowners a fairer go,” he said. “This will save them up to $17,350 and will help around 10,000 buyers into the market each year.”
The policy change marks the highest threshold for first home buyers on mainland Australia, offering substantial savings and making the dream of homeownership more attainable for many Queenslanders.
Mr Miles emphasised that this immediate change was part of a broader strategy to address the rising cost of living.
To fund this relief, the Government plans to shift some financial responsibility onto foreign buyers. “We’re offsetting this cost of living relief by making foreign buyers pay their fair share,” Mr Miles said. “We’re doing what matters for Queensland.”
Deputy Premier and Treasurer Cameron Dick said: “Foreign investors have had a great run in Queensland, but they compete with Queensland families for real estate, so it’s only fair that they contribute to helping more young Queenslanders into their first home.”
Minister for Housing, Local Government and Planning and Minister for Public Works, Meaghan Scanlon said: “I know how much cost of living is impacting Queenslanders, especially first home buyers.
“The boosted First Home Owner Grant is already helping Queenslanders buy or build their first new home, and the increased stamp duty concession will continue to get more Queenslanders into their own home.”
The announcement sparked an immediate flurry of reactions on social media.
While many praised the initiative, others expressed concerns and skepticism. One commenter questioned the practicality of the threshold in the current market: “Where can you get a house for under 700k in Brisbane these days? It’s crazy.”
Another suggested expanding the scope of first home owner schemes, commenting: “First home owners’ scheme for $30,000+ back should be for any property. Not many can afford newly built houses, and it’ll help the new generations and people who are struggling if they can buy an old house or apartment.”
Concerns about foreign buyers also surfaced, with one individual arguing: “Foreign buyers are the problem, Mr Premier. We can’t buy property in their countries; why are they allowed to buy here? This is pure vote buying.”
Despite the mixed reactions, the Government has stood by its decision, asserting that the increased threshold and accompanying measures will provide substantial benefits to Queensland residents.
As Queenslanders digest the news, the Government hopes this move will significantly impact the housing market and provide much-needed support to those looking to purchase their first home.
