First-home buyers in Queensland now have an exciting opportunity to enter the property market with reduced upfront costs, thanks to the state’s newly implemented full stamp duty concession for new homes.
Understanding the New Stamp Duty Concession
As of May 1, 2025, Queensland’s stamp duty concession for first-home buyers has officially come into effect. This change follows an announcement made in February 2025. Previously, first-home buyers could benefit from a stamp duty waiver on properties valued up to $700,000, with a concessional rate available for homes up to $800,000. The latest change, however, has completely removed this threshold for new homes.
According to Queensland Premier David Crisafulli, “We have abolished stamp duty, which means Queenslanders building their first home won’t pay a single cent in stamp duty.” This move aims to make homeownership more accessible while also boosting new housing developments across the state.
What Does the Concession Cover?
Under the new concession, first-home buyers can claim a full exemption from stamp duty—also known as transfer duty—when purchasing:
- A brand-new home that has never been previously occupied or sold as a residence.
- An off-the-plan property.
- Vacant land on which they plan to build a new home.
- A substantially renovated home, provided it has not been previously occupied or sold as a residence since renovation.
Eligibility Requirements
To qualify for the first-home (new home) stamp duty concession, applicants must meet the following criteria:
- Be an individual (not a company or trust).
- Have never claimed the first-home vacant land concession.
- Have never owned any other residence in Australia or overseas.
- Be at least 18 years old.
- Move into the property and live there within one year of settlement.
- Pay market value for the property.
- Provide evidence that the property is a new or substantially renovated home.
Foreign buyers may be subject to an additional foreign acquirer duty.
Conditions After Claiming the Concession
Once the concession is claimed, certain rules must be followed:
- The property cannot be sold, transferred, or rented out before moving in.
- After moving in, part of the property can be leased under specific conditions.
- The entire property can only be rented out after one year of continuous occupancy.
Key Considerations
- The concession is only available for residential land. For mixed-use properties (e.g., part residential, part agricultural), the concession only applies to the residential portion.
- Knockdown rebuilds are not eligible for this concession since they involve buying an existing home and then replacing it with a new one.
- Purchasers can use the government’s transfer duty calculator to determine any mixed concession arrangements.
Final Thoughts
Queensland’s new stamp duty concession for first-home buyers represents a major step toward making homeownership more affordable. Whether you are buying a new home, an off-the-plan property, or vacant land to build on, this concession can significantly reduce your initial costs. Make sure you understand the eligibility criteria and conditions to fully benefit from this opportunity.
