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Queensland Government Announces Adjustments to Transfer Costs for First Home Buyers

The Queensland government has taken proactive steps to support first home buyers by implementing significant adjustments to transfer costs. This recent policy announcement signifies a meaningful effort to alleviate the financial burden for those entering the property market.

Under the new regulations, concessions on transfer duties will now be extended to properties valued up to $700,000, representing a notable increase from the previous threshold of $500,000. The concession threshold for vacant land has been raised to $350,000 from $250,000, further broadening the scope of assistance available to prospective homeowners.

Government officials have emphasised that these modifications have the potential to provide substantial savings for eligible home buyers, with estimates suggesting savings of up to $17,000. However, the actual amount saved will naturally vary depending on the specific value of the property or land in question. This initiative comes at a critical time, as the nation grapples with a persistent rise in house prices amidst ongoing economic challenges.

Brisbane, Queensland's capital, has notably emerged as the second most expensive state capital in the country, trailing closely behind Sydney. The mean price for residential dwellings in Queensland exceeded $828,000 as of December 2023, surpassing the thresholds for the concessions set forth by the government.

As part of the comprehensive plan, concessions on land sales are set to gradually taper off, with the threshold gradually decreasing to $500,000.

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