Calls to revise the stamp-duty concession threshold for first-home buyers have been backed by a local agent.
First-home buyers can evade stamp duty completely if the property is under $500,000.
But with soaring property prices and declining home ownership levels in Queensland, there have been growing calls from industry experts to raise the threshold.
The Real Estate Institute of Queensland (REIQ) is advocating for the maximum value to be lifted to at least $750,000.
Ray White Logan City agent Ramin Bay said raising the threshold was “absolutely” an effective way to increase first-home buyers.
“You can’t really find homes under $500,00 now – it’s only townhouses,” Mr Bay said.
“In Springwood and Daisy Hill for example, it’s almost impossible to find a home for under $750,000.
“Even a three-bedroom, one-bathroom home could go for that.
“But on the other side of the highway – Kingston and Slacks Creek – it is possible, and that’s the range first-home buyers should be looking at.”
He said affordability was the “number one priority” for current buyers and was pushing people towards townhouses.
“We used to see almost nobody inspect townhouses at Woodridge and Slacks Creek, but now we get significant demand for them,” Mr Bay said.
REIQ CEO Antonia Mercorella said the current stamp duty threshold was outdated and had not been reviewed since 2008.
“Comparing the threshold to the annual median house price for Greater Brisbane of $760,500 it raises the question of the effectiveness of a first home buyer stamp duty concession when the ability to utilise it is severely limited,” she said.
“Stamp duty can add tens of thousands to the overall cost of buying a new home which stifles housing mobility.
“Over the past 10 years we have seen stamp duty on property transfers nearly triple – however there has been no commensurate investment in the provision of infrastructure for new housing or social housing.”
Ms Mercorella said it was time to reform stamp duty, especially considering “Queensland has the lowest levels of home ownership in the country”.
