The Queensland Budget handed down in June will make it cost many thousands more to buy an existing home, if you are not a first home buyer. There is a big incentive to buy or sell now, before the changes come into effect.
If you are planning to build a home you can receive a grant for $10,000 if you get your timing right.
There are winners and losers in this Queensland Budget and if you are thinking of selling or buying you must pay careful attention, because, everything will change on 1 August 2010.
Queenslanders do not pay duty on FIRST HOME purchases up to the value of $500,000.00 and this is not changing. The rest of us are in a different situation.
Existing home owners hoping to upgrade or downsize to another property face stamp duty hikes of up to $7175.00. These changes come into effect on 1 August 2011 so there is an incentive if you are looking to buy at the moment. If possible sign the contract before 1 August 2011!
Sellers should also take notice as they may find that buyers are more motivated to purchase before 1 August, before they get hit with the additional duty!