South Australia abolishes stamp duty for first homebuyers purchasing or building new home

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To help more Australians own their own home, South Australia will completely eliminate stamp duty for first-time buyers buying or building a new home.

SA Prime Minister Peter Malinauskas made the announcement ahead of the passage of the 2024-25 national budget on Thursday, saying the country was suffering from a housing crisis “due to successive governments not doing enough to build new housing”.

As part of the budget relief, the property value thresholds for both the stamp duty exemption and the first-time buyer grant will be removed, at a cost of $30 million over four years.

A first-time buyer in SA purchasing a new home at the median house price of $750,000 will receive a benefit of over $50,000.

This includes a $15,000 grant for first-time buyers.

The stamp duty exemption is available to all first-time buyers purchasing a new home – including a house, flat, terraced house or apartment, a design-build flat, a house and land package or a vacant plot of land for the construction of a new home.

Mr Malinauskas said the measure builds on an earlier budget measure under which the state’s Labor Government eliminated stamp duty for some first-time buyers building a new home.

“Now we are making this tax relief available to all of them,” he announced on Tuesday.

“Every new home built in our state benefits the rest of the housing market.

“Every first-time buyer who can move into a new home means one less buyer or renter competing for existing inventory.”

Earlier this year, real estate prices across the country reached new highs, with the median home value in a capital city soaring to $832,000.

Figures from PropTrack’s April Home Price Index report showed that property prices in capital cities have risen by 0.4 percent since February.

Costs rose fastest in the smaller capital cities, with year-on-year growth in Perth, Adelaide and Brisbane being 18.62 percent, 13.47 percent and 12.90 percent respectively.

The South African government’s stamp duty abolition comes into effect on Thursday, June 6.

Master Builders SA boss Will Frogley said the major policy change would “incentivise” South Australians to build their own homes, creating jobs and boosting the economy.

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