Good News for QLD Homebuyers

[calNgary]

It was announced today the QLD is the cheapest state for stamp duty after yet another review,,

 

A landmark BankWest study to be released today reveals Queensland has the lowest stamp duty taxes in the nation but the median bill still increased by 151 per cent between 2003-2008 - despite household incomes only increasing by 39 per cent.

 

The report again highlights why southerners are moving to Queensland in droves.

 

Estimates show Sydney and Melbourne buyers need almost three months' salary to afford stamp duty for median house prices, while those in Brisbane only need a month.

 

In Queensland, the median stamp duty bill is about $5000 while the most expensive is $17,888 in the ACT.

 

Of the state's local government areas, Noosa recorded the most expensive median stamp duty bill of $9520, the Gold Coast recorded $8103, Brisbane's was $8015 and Douglas, which includes Port Douglas in North Queensland, recorded $6580.

 

The cheapest in the state included Jericho in the central west ($820); Paroo in the southwest ($535) and Quilpie in the far west ($750).

 

BankWest spokesman Ian Corfield said Queensland was one of the few states benefiting from lowering stamp duty taxes.

 

Cuts to stamp duty accelerated after then premier Peter Beattie vowed to remove stamp duty on the first $250,000 spent by first-home buyers in the lead-up to the 2004 election.

 

This year the Queensland Government lifted thresholds for first-home owners from $320,000 to $500,000.

 

"Queensland homebuyers can consider themselves fortunate that the State Government is one of the few that have adjusted the threshold at a time when property prices have increased 90per cent in Brisbane and 97per cent in Queensland since 2003," Mr Corfield said.

 

"While they paid the lowest of any state, Queenslanders still saw a hefty 151per cent increase in median stamp duty bills due to increasing property prices but this would have been much higher if the State Government hadn't adjusted the threshold."

 

The frenetic land grab and housing boom in Queensland has lined the Government's coffers, accounting for almost 20 per cent of the nation's stamp duty transaction in 2006-07. About $2.5 billion was raised from stamp duty taxes in Queensland in 2006-2007, up 141per cent on the $1.1 billion raised seven years ago.

[Guest kdal]

Didnt read it all as got to have my morning cuppa lol

Wish we were in a position to buy and hope the stamp duty stays nice and low for the next couple of years ready for us!

 

xx