Queensland Law Society

Buyers to benefit from duty change

Date 20 Jun 2012
Contact Natalie Graeff, Manager Corporate Communication
Phone 07 3842 5868
Mobile 0488 433 884
Fax 07 3221 9329
Email n.graeff@qls.com.au

Queensland property buyers are set to save thousands from transfer duty changes from 1 July with the reintroduction of the previous regime.

Last year, the then-Queensland government cancelled the concession for transfer duties (commonly known as stamp duty) for purchases of homes, resulting in significant cost increases for some consumers.

Following an election promise, the Liberal National Party government has reinstated the concessions for those purchasing a residential property as a principal place of residence.

This means that, if the property will be owner-occupied, and the contract is formed on or after 1 July, buyers can save up to $7000.

Queensland Law Society CEO Noela L’Estrange said reinstating the transfer duty concession was great news for buyers and sellers.

“Buyers stand to save money on duty and sellers may benefit from a keener market,” Ms L’Estrange said.

“It’s wonderful news that now both people who have purchased a property in the past and first home buyers can benefit from the system.

“The main difference between the two regimes is that until 30 June, first-time home owners receive a discount on the transfer duty for homes up to $600,000 – but on 1 July this limit drops to $550,000.

“There are some conditions on eligibility to the concessions, so we recommend people have a chat with their solicitor to see how they may be affected.”