Stamp duty concessions could help inspire home buyers
The State Government's stamp duty cut could prompt a reprieve for potential home buyers and real estate agents.
Smithfield couple Lauren Guymer and Paul McKew signed on the dotted line just 24 hours after stamp duty concessions were reinstated on July 1.
Miss Guymer, 21, and her partner saved about $3500 on their purchase in Bayview Heights.
“It’s my first home but my partner Paul had a house before so stamp duty was a big factor,” Miss Guymer said.
“We are going through a mortgage broker and seeing him six months ago, when we didn’t know the about the concession, he said on a $300,000 house our stamp duty was going to be between $5000 and $6000.”
The couple, who are expecting their first baby at the end of the year, said they had inspected five properties before finding their three-bedroom dream home on Bellbird St.
“We’ve been looking around since March. If we found the perfect house then we wouldn’t have waited, otherwise you do risk someone coming along and making an offer.”
Real Estate Institute of Queensland (REIQ) zone chairman Greg Clyde-Smith said it was too early to tell whether concessions would lift property sales.
“It’s a little bit too early to see what impact it’s going to have,” he said.
“But there have been a number of people deliberately holding back to take advantage (of the changes).”
Mr Clyde-Smith said there could also be a trend towards people selling their homes and upgrading.
“Every incentive certainly helps the marketplace and it’s a particularly good one.”
The discount, up to $7000, applies to buyers who are going to live in their home for at least a year.
Ray White Cairns South agent Brian Bolton, who sold the Bayview Heights property to Miss Guymer and Mr McKew, said the house had been on the market for two weeks.
“We had a good few inspections,” he said.
“I think a lot of people think the change in stamp duty will bring the buyers on... You’ve got to be positive about these things.”
The next round of REIQ figures is due at the end of the September quarter.
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Incentive: Stamp duty concessions could boost buyer activity. Picture: THINKSTOCK