news 5 June 2024

Tick of support for stamp duty announcement

Tick of support for stamp duty announcement

The Association of Building Consultants (ABC) has thrown its support behind the South Australian government's decision to abolish stamp duty for all first home buyers who build or buy new homes.

The announcement, which also includes an expansion of the first homeowners grant eligibility, marks a significant step in addressing the state's housing supply crisis.

Effective from Thursday, 6 June 2024, the stamp duty exemption and the expanded first homeowners grant will no longer be restricted by the value of the property. Previously limited to properties valued up to $650,000, these concessions will now be available to all first home buyers who purchase a new home, an off-the-plan property, a house and land package, or vacant land to build on.

Chris Short, spokesperson for the Association of Building Consultants, said the reform was a transformative measure for the housing market and the broader construction industry in South Australia.

"This landmark policy change is a real game-changer for first home buyers in South Australia," said Mr Short.

"By eliminating stamp duty and expanding the first homeowners grant, the government is removing significant financial barriers for new homeowners and stimulating the construction sector. This is a bold and forward-thinking move that will have far-reaching benefits for the State."

"The housing industry has been advocating for these reforms for many years, and it is heartening to see the government taking decisive action. This initiative will undoubtedly boost the construction industry, encourage new builds and make home ownership more accessible for first-time buyers."

"This initiative is not only a win for first home buyers but also for the entire construction industry, including builders, suppliers, tradies, apprentices and the over 80,000 South Australians who are employed in the sector."