The New South Wales budget failed to provide any direct measures to assist home buyers yesterday, but in Queensland the case was quite different.
The Queensland budget announced several new measures to address affordability and promote equality in the market, including an increase in the first home buyers transfer duty exemption from $320,000 to $500,000, effective September 1.
The Queensland government said this would make more than 90 per cent of first home buyers exempt from transfer duty.
Mortgage taxes on all residential properties in Queensland will also cease as of July 1, however stamp duties will increase on properties worth $1 million or more. The first home owners grant will also be abolished on houses worth more than $1 million.
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