The Real Estate Institute of Queensland (REIQ) has praised a new bill introduced to Parliament that will abolish stamp duty on new builds and land for eligible first home buyers, effective January 1.
REIQ acting CEO Kat Beavon (pictured above) highlighted the importance of the measure, calling it a crucial step to help more Queenslanders overcome financial hurdles to homeownership.
“With Queensland’s homeownership rate sitting at 63.5%, the lowest of any state in the nation, this is a welcome measure to help more people achieve the great Australian dream,” Beavon said.
Queensland’s housing market faces additional pressures from rapid population growth, further complicating affordability for first home buyers.
The state’s population grew by 125,800 in the year to June, reflecting an annual growth rate of 2.3%, above the national average of 2.1%.
“Eliminating stamp duty for first-home buyers purchasing new builds eases upfront cost burdens,” Beavon said.
Beavon also praised complementary policies like the ability for buyers to rent out rooms in their homes, saying these measures make ownership more achievable.
“This initiative aligns closely with the REIQ’s long-standing call for measures to boost home ownership and address housing supply constraints,” Beavon said.
While welcoming the targeted stamp duty relief, Beavon emphasised the need for broader reform, advocating for the abolition of stamp duty across all property transactions and a gradual shift to a broad-based land tax.
“Stamp duty is one of the most significant barriers to homeownership for many Queenslanders,” she said. “It imposes significant upfront costs on property transactions, discouraging housing turnover and delaying those trying to get a foot on the property ladder.”
REIQ, which recently welcomed the Crisafulli government’s establishment of the Queensland Productivity Commission, argued that comprehensive reform would boost market efficiency, reduce financial barriers, and improve access to housing.
Beavon also noted that with the federal housing minister supporting a phased removal of stamp duty, Queensland has a chance to negotiate better GST outcomes and funding incentives with the federal government.
While the abolition of stamp duty for first-home buyers purchasing new builds is a positive move, REIQ said it remains committed to pushing for a complete overhaul of property taxes. Broader reform, they argued, will ensure long-term benefits for all home buyers and the wider Queensland property market.
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