A change to Qld's stamp duty

[vbplease]

In today's state budget, it's announced that the stamp duty concession for a new PPOR will be dropped.

Taken from Brisbane times

Stamp duty shakeup

However, to pay for the two voter-friendly measures, the government will scrap a substantial discount on stamp duty for people who buy a new principal place of residence.

From August 1, the transfer duty payable will be the same for investment homes or principal places of residence.

This is a spanner in the works for my strategy i.e. buy, live in for 12months while renovating, rent out, then buy again and repeat

 

[BenQld]

This does suck, but on the upside, if you buy land, and build a house, then it can be used to your benefit.

I was going to purchase a house, and would have ended up paying about $25k in stamp duty. But I bought a block of land instead (paid $9k stamp), and I am now going to build. And from how I read the news, I will now get $10k as I havent signed my contract, so I might wait until after Aug 1 to sign it.

Ben

 

[eeew]

In today's state budget, it's announced that the stamp duty concession for a new PPOR will be dropped.

Taken from Brisbane times

This is a spanner in the works for my strategy i.e. buy, live in for 12months while renovating, rent out, then buy again and repeat

thats right. the majority of residential RE purchases are not buying land n building a house...nor OTP...nor buying a brand new house...so i too am stumped at this decision made in the budget. Cannot see this helping the housing market much...not for those that are looking to buy established properties ( which is majority of sales). I think what you will see is that a lot of prospective buyers will hold their fire for longer as they now need to save up more $ in govt fees/charges associated with buying an established property. I do not think there will be much 'conversion'- those thinking of buying an established property converting to buying land and building.
Thus, this budgetary decision will, in my opinion, hurt , overall, the Residential RE market and sector.

 

[vbplease]

Question -

Assuming Liberal win the state election and Campbell doesn't win Ashgrove.. what are the chances the new Liberal leader won't fulfill Campbell's policy of reinstating the stamp duty concession - assuming it will cost nearly $1b ??

 

[Ed Barton]

Question -

Assuming Liberal win the state election and Campbell doesn't win Ashgrove.. what are the chances the new Liberal leader won't fulfill Campbell's policy of reinstating the stamp duty concession - assuming it will cost nearly $1b ??

assuming LNP win and Campbell doesn't, then i think all policy bets are off. the new leader will be able to weasel out of any promises.

whether or not he wins i think there will be plenty of promises broken because "when we came into power we discovered that, financially, things were a lot worse than labor were saying". i expect sd changes to be one of those, or not changed till very late in their term.

interesting, it was announced today, that the greens will only issue how to vote cards with preferences in one electorate. you guessed it, Ashgrove with preferences to the ALP. looking more like Campbell may not get Ashgrove. probably done in a preference swap with Labor to have a chance of getting greens members in in a couple of other seats.

for those that don't know, qld has an optional preferential voting system. how that effects the outcome, i'm not sure.

 

[vbplease]

assuming LNP win and Campbell doesn't, then i think all policy bets are off. the new leader will be able to weasel out of any promises.

I was thinking the same it should be an interesting election.. followed by more disappointments I think.