An increase of more than $7000 in stamp duty for homeowners who...

An increase of more than $7000 in stamp duty for homeowners who change residences will inflict further hurt on an already struggling property market, according to the Real Estate Institute of Queensland.
The goverment today announced two new measures in its State Budget that will have a direct effect on the property industry:
a $10,000 payout to people who sign home-building contracts or buy a new residence between August this year and January next year;
an increase of up to $7175 on stamp duty for existing home owners who buy a new residence to live in. Previously non-investors received a long-standing discount.
REIQ chairman Pamela Bennett this afternoon welcomed the incentive for new homebuyers but said the removal of the stamp duty concession for non-first home buyers would wreck havoc on the state's property market.
About 60 per cent of all dwellings financed in Queensland in April were to non-first home buyers.
?The market is already the lowest it has been in many years and today?s announcement will just make it worse,? Ms Bennett said.


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