The 2011-2012 Budget for Queensland introduced a number of changes that will impact on buyers and sellers of residential property in Queensland.

The changes will be effective from 1 August 2011 and include:

  • the abolition of the home concession for transfer duty on transactions
  • adjustment of the transfer duty rates
  • the introduction of the Building Boost Grant.

Abolition of home concession

Where duty liability arises on or after 1 August 2011, the current transfer duty concession for people buying a home to live in as their principal place of residence will not apply.

The transfer duty rates for the purchase of a principal place of residence and an investment property will be the same.

A concessional rate of duty will continue to apply for first home buyers.

Adjustment of the transfer duty rates

The transfer duty rate structure has been revised to ensure that even though the concession has been abolished, transfer duty payable on a home remains lower in Queensland than under the standard rate in any other mainland state of Australia.

Building Boost Grant

A $10,000 grant will be available for any person or corporation who, between 1 August 2011 and 31 January 2012, enters into a contract to buy or build a new home to live in, or to rent out for investment purposes.

To be eligible for the grant the new home must have an unencumbered value of less than $600,000 and must be occupied within 12 months of settlement (either by the buyer or its tenants).

A new home is a house, townhouse or unit that has not been previously occupied or sold as a place of residence, or is a substantially renovated home.

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