Queensland’s first home buyer new build concession: Liberal’s stamp duty overhaul

Hope Coumbe, Finance Editor

First published 21 February 2025, 12:00 PM

The Queensland Government has announced that transfer duty (stamp duty) will abolished for first home buyers purchasing new build properties. The concession applies to transactions involving dutiable property, including transfers of commercial or investment property. About 3,000 first home buyers are set to benefit from the change.

How will the Liberal’s first home buyer new build concession work?

The stamp duty concession, announced on 21 February, will be available to first home buyers who are entering into a contract to build a new home. Under the concession, first home buyers will be able to apply for a full deduction, reducing the duty to nil.

Examples of how the stamp duty concession will work

Below are two examples of how the first home buyer new build concession will work.

Scenario 1: Zack

Zack has just signed a contract to build a house on the Gold Coast. He purchased a house and land package, which cost a total of $850,000. It is his first home and will be his principle place of residence. As Zack signed his contract in February of 2025, he is not eligible for a full stamp duty concession under the Queensland Government’s first home buyer new build concession.

Scenario 2: Lei

Lei lives in Townsville and has recently hit her savings target and is looking to enter the property market for the first time. She is looking to build her first home and is planning to delay signing a contract until the first home buyer new build concession takes effect. Lei plans to continue saving for the next couple of months and firm up which suburb she plans to build in. She will look to make her purchase in May so she can benefit from the first home buyer new build concession.

Types of properties eligible

The types of properties eligible under the first home buyer new build concession have not yet been determined by the Queensland Government. New build apartments, townhouses and houses are expected to be eligible.

When does the scheme start?

The first home buyer new build concession will take effect on 1 May, meaning first home buyers who enter into contracts to purchase a new home to live in, or vacant land to build on, will be eligible.

How long does the scheme last?

No end date has been specified for the first home buyer new build concession by the Queensland Government.

Can the scheme be used with other schemes and incentives?

Yes, existing concessions for first home buyers will continue to apply.

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