The Queensland Parliament has formally amended legislation that will see homebuyers save up to $7000 in stamp duty from July 1.
The Real Estate Institute of Queensland (REIQ) chief executive Anton Kardash says the reinstatement of the concession for principal places of residence will be “enormously beneficial”.
The former government scrapped the concession as part of last year’s Budget. Its return will not only save buyers money, but will see Queensland return as one of the cheapest states for stamp duty, Kardash says.
“If you add this to our affordable property prices, compared to other capital cities, then we’re likely to start seeing a return of interstate migrants which will benefit our broader economy.”
The change to legislation also paves the way for the removal of sustainability declarations from purchase contracts.
The REIQ was a vocal critic of the declaration, which required vendors to detail a home’s green credentials to the best of their knowledge. The initial document was deemed too complex, before being watered down so that it was “almost meaningless”.
“The removal of the declarations is the first step towards reducing red tape in the real estate transaction process.”
The Real Estate Institute of Queensland (REIQ) chief executive Anton Kardash says the reinstatement of the concession for principal places of residence will be “enormously beneficial”.
The former government scrapped the concession as part of last year’s Budget. Its return will not only save buyers money, but will see Queensland return as one of the cheapest states for stamp duty, Kardash says.
“If you add this to our affordable property prices, compared to other capital cities, then we’re likely to start seeing a return of interstate migrants which will benefit our broader economy.”
The change to legislation also paves the way for the removal of sustainability declarations from purchase contracts.
The REIQ was a vocal critic of the declaration, which required vendors to detail a home’s green credentials to the best of their knowledge. The initial document was deemed too complex, before being watered down so that it was “almost meaningless”.
“The removal of the declarations is the first step towards reducing red tape in the real estate transaction process.”
