First home buyers duty in Qld

[Freedom]

Did eveyone see the following announcement from Team Beattie yesterday?

"A re-elected Beattie Government will save first home buyers $98 million in stamp duty and mortgage duty over the next three years.

Premier Peter Beattie said under the reforms a first home buyer will pay no mortgage duty or stamp duty on a property worth $250,000 – a saving of $3000."

What do you think - will this have some impact on demand and prices in Qld?

 

[abcdiamond]

Originally posted by Freedom
Did eveyone see the following announcement from Team Beattie yesterday?

"A re-elected Beattie Government will save first home buyers $98 million in stamp duty and mortgage duty over the next three years.

Premier Peter Beattie said under the reforms a first home buyer will pay no mortgage duty or stamp duty on a property worth $250,000 – a saving of $3000."

What do you think - will this have some impact on demand and prices in Qld?

I think one thing that could happen is people put of buying until the plan is set in concrete.

If I was selling, i would consider NOT selling until then, to be ready for lots of first home buyers with cheque books at the ready !

I saw that Victoria is considering abolishing stamp duty also.

 

[1037]

I am curious, if they abolish the stamp duty where will they get their revenue from to cover the shortfall in state taxes?

Sounds a bit too good, election coming up soon, lots of baby kissing going on and a lot of promises being made. (Time to take of the sceptical hat)

 

[np2003]

I can see this happening but who will really benefit? There aren't many family homes in QLD for $250K or under. There is probably going to be some conditions attached to this for sure, e.g. no units, only family homes, etc, etc?

Originally posted by Freedom
Did eveyone see the following announcement from Team Beattie yesterday?

"A re-elected Beattie Government will save first home buyers $98 million in stamp duty and mortgage duty over the next three years.

Premier Peter Beattie said under the reforms a first home buyer will pay no mortgage duty or stamp duty on a property worth $250,000 – a saving of $3000."

What do you think - will this have some impact on demand and prices in Qld?

 

[astroboy]

Premier Petes boys stole this from the Nats/Libs and are willing to admit they did just that.
Will probably end up in Peter's promises bit bucket. I have never heard of so many non-fulfilling promises from a party with such a majority.
But QLD politics and voters never cease to amaze me.
If ever ther was a democratic state where voting should
*not* be compulsory....................
ab

 

[Artak]

It will 'encourage' more people going into the market, which can lead to the prices going up.

 

[Aceyducey]

Originally posted by Artak
It will 'encourage' more people going into the market, which can lead to the prices going up.

That's part of the story...another part is that people will be able to afford to pay slightly more for properties because they won't have to give the money to the government.

Thus property prices may have a one-time-only jump to compensate for having no stamp duty.

Cheers,

Aceyducey

 

[thefirstbruce]

It isn't going to make a lot of difference to most houses in Brisbane. Anything within 20 km of the cbd is over $250k, unless you want to consider units and the like.

Politicians aren't stupid. THey know how to create a promise that sounds good without giving as much as the average Joe perceives.

I used to be a spin doctor for one of the parties. It ain't rocket science.

 

[willair]

thefirstbruce,
you can still find residential houses,small blocks within 8klms
of brisbanes cbd for 250k on the southside some need just
maintenance, paint...
good luck.
willair..