Surfers Paradise 
The Queensland Government has just unveiled a game-changing initiative to make homeownership more accessible for first-time buyers. Premier Steven Miles and his team have announced significant increases to the first home owner concession threshold on transfer duty, making it easier than ever for Queenslanders to step onto the property ladder.
Key Changes at a Glance
- Transfer Duty Concession Threshold Increase: The threshold for the first homeowner concession on transfer duty has been raised by $200,000, moving from $500,000 to $700,000. This concession will gradually phase out up to property values of $800,000.
- Vacant Land Concession: The threshold for the first home vacant land concession has been increased from $250,000 to $350,000, with a phase-out up to values of $500,000.
- Supporting 10,000 First Home Buyers Annually: These changes are expected to assist around 10,000 first home buyers each year in purchasing their homes.
Why This Matters
Buying a home is a significant milestone, but rising property prices have made this dream increasingly challenging for many. The new concessions aim to alleviate some of the financial burdens faced by first home buyers, particularly in markets where affordability is a major issue. With many homes still under the new threshold, this initiative opens doors for aspiring homeowners across the state, including in Greater Brisbane.
Offsetting the Concessions
To balance the increased transfer duty concessions, the government has adjusted the foreign investor land tax surcharge to 3%, still lower than the surcharges in New South Wales and Victoria. Additionally, the transfer duty surcharge for foreign buyers will now match these states at 8%.
Enhanced First Home Owner Grant
In addition to the increased thresholds, the Queensland Government has doubled the First Home Owner Grant from $15,000 to $30,000, effective from November 2023 to June 2025. This boost further supports first-time buyers, whether they’re purchasing an existing home or building a new one.
Why Now is the Perfect Time
With these substantial concessions and grants, there’s never been a better time for first home buyers in Queensland to make their move. At Professionals Newlands Real Estate, we’re here to help you navigate this exciting journey. Our expert team, with decades of experience in the Gold Coast and Surfers Paradise areas, is ready to assist you in finding the perfect home that meets your needs and budget.
Your Trusted Real Estate Partner
As the pioneers of real estate in Surfers Paradise and the Gold Coast, Professionals Newlands Real Estate is committed to helping you unlock the door to your dream home. Our friendly, energetic, and trustworthy team is dedicated to making your home buying experience as smooth and rewarding as possible.
Don’t miss out on this incredible opportunity! Contact us today to learn more about how these new government concessions can help you achieve your homeownership dreams.
For more detailed information on eligibility and how to apply for these concessions and grants, visit the Queensland Revenue Office website here.
Let’s make your dream of owning a home a reality together!
Professionals Newlands Real Estate: Your Gateway to the Best Properties in Surfers Paradise and the Gold Coast.
