Stamp Duty in Queensland is about to increase
21 June 2011
It’s a great time to buy property in Queensland right now – before 1 August this year when stamp duty on property purchases will rise dramatically. All contracts signed before 31 July will be subject to the current fees. For example, right now, stamp duty fees in Queensland for a $500,000 existing home for a principal place of residence is $8750. After 1 August, stamp duty will be $15,525.
Stamp duty exemptions and concessions
As an attempt to stimulate the building industry, The Queensland Government have given discounts in stamp duty for anyone buying or building a new home after 1 August. However, purchasers of existing dwellings will bear the brunt of the increases.
In a statement on 14 June this year, REIQ chairman, Pamela Bennett said: ‘While any incentive to increase housing supply and create jobs in the construction sector is positive for the economy, the removal of the stamp duty concession for non-first home buyers will wreak havoc on the Queensland property market.’ She added, ‘A better way to stimulate the economy would have been to provide financial incentives for all buyers of all types of properties which in turn would have increased activity and therefore helped the government’s bottom line’.
First home buyers stamp duty
First home buyer stamp duty concessions will remain in place for homes up to $500,000 with first home buyers purchasing properties under this ceiling remaining exempt from paying stamp duty. The announced increases in stamp duty have seen many buyers eager to sign contracts before 31 July however, the real estate industry is concerned about how the changes will affect the market post 1 August.
What is the stamp duty on property?
To find out the existing real estate stamp duty rates in Queensland and the new rates after 1 August, download the following PDFs.
Download PDF of current Queensland Stamp Duty rates (51.4 kb)
Transfer Costs Stamp Duty until 31 July 2011
Download PDF of new post 1 August Queensland Stamp Duty rates 29.5 kb
Transfer Costs Stamp Duties on property from August 2011