The Liberal National Party says it will review stamp duty thresholds ahead of the looming state election amid new figures that show fewer Queenslanders are receiving first home buyer discounts.
Key points:
- The number of first home transfer duty concessions in Queensland has fallen in recent years amid rising property prices
- The LNP says it will conduct its own review of stamp duty thresholds from opposition ahead of this year's state election
- Treasurer Cameron Dick says the government is "always looking at ways to help Queenslanders buy their first home"
The Queensland government offers a number of transfer duty concessions, including one that is aimed specifically at first home buyers.
The concession ensures first-time buyers do not pay transfer duty if their property is valued up to $500,000, and a discounted rate applies to homes worth $500,000 to $550,000.
But data from the state government reveals the number of buyers qualifying for the first home concession has fallen as property prices rise.
In 2020-21, more than 27,500 concessions were granted — a high point for the past decade — before falling to 23,007 in 2021-22, and then dropping even further to 16,950 in 2022-23.
Australian Bureau of Statistics figures show the mean price for residential dwellings in Queensland grew 47 per cent, from $525,000 in June 2020 to $773,000 by June 2023.
In the September quarter, the mean rose to $798,000, which puts it well above the $550,000 cap for the first home transfer duty concession.
'Considering all options'
LNP treasury and home ownership spokesperson David Janetzki suggested it was now "almost impossible" to find a home under the threshold.
He said the LNP would do its own review of stamp duty thresholds from opposition ahead of this year's October election.
The party is yet to say whether it will make any changes should it win government but says the review will inform policies taken to voters.
"We are considering all options to help Queenslanders into home ownership, including boosting land supply, incentives, and tax relief," Mr Janetzki said.
"The LNP can announce today it will review stamp duty thresholds, to increase home ownership in Queensland.
"Home ownership is one of the LNP's focus areas, as one of the ways it seeks to ease the Queensland housing crisis."
Treasurer Cameron Dick said the government was "always looking at ways to help Queenslanders buy their first home".
He noted the government recently doubled the first home owner grant from $15,000 to $30,000 in what he described as a "targeted policy" to incentivise the construction of homes.
Mr Dick also pointed to the $216 million in transfer concessions the government gave to 17,660 first home buyers in Brisbane over the past four years.
"A further 76,241 home owners have received transfer duty concessions on the purchase of their Brisbane home," he said.
"Some of these will be first home owners who bought a house over the $550,000 threshold.
"If David Crisafulli and the LNP want to spend hundreds of millions of dollars more they should stop whingeing and whining and say so, and explain what they would cut to pay for any threshold change."
The last time the $550,000 threshold was changed was in 2012 when it was lowered from $600,000.
Queensland voters will head to the polls on October 26.